WTI crude oil
That West Texas Crude Oil Intermediate Market has gaped higher to start the trading session on Monday to break over the $ 60 handle quite violently. However, we have turned around to form a bit of a shooting star, but that may not be as surprising as one would think, mainly due to the fact that the Americans were celebrating President’s Day. In this scenario, there would have been a severe shortage of liquidity later in the day. At this point, it seems like we may have a small pullback, but it’s probably only a matter of time before buyers come in to pick up something close to the idea of value. I would be particularly interested in this market closer to the $ 57.50 level, but I recognize that the gap in itself may cause buyers to jump into the market.
Crude oil video 16.02.21
As one might expect, Brent also climbed higher and reached the $ 63.50 level before retreating so slightly. The Brent market looks like it’s trying to get to the $ 65 level, and I think that happens given enough time. In the meantime, short-term withdrawals are likely to come into play as potential buying opportunities. The $ 62.50 level would be interesting, and certainly the $ 60 level would be. The market continues to get a boost based on the idea of stimulus that strengthens demand and of course the possibility of a falling US dollar. Whether this is actually true or not is a completely different question, but at this point it certainly looks like momentum is up.
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