WTI Crude prices soaring above $50
FXTM Research Analyst Lukman Otunuga's latest comments.
Oil prices were hovering near a two month high above $50 during Tuesday’s trading session, as OPEC cut shipments to the US The meeting set up by OPEC to discuss compliance regarding the output cut deal, has inspired oil bulls, and Dollar weakness continues to complement the commodity’s upside gains.
Although oil prices are currently trading around two month highs, the oversupply concerns are still a lingering theme and as such, should raise questions about how sustainable the current rally is.
From a technical standpoint, WTI Crude has staged an incredible rebound from the $45.50 level last week, with prices currently trading around $50. A breakout and decisive close above $50 may encourage bulls to target $52.