Oil price broke the consolidation area of $54 - $58 area and there currently trading at $58.40.
There is a lot of buying happening on oil prices based on technicals, prices may rise up to the next resistance of $60 a barrel before any reversal or even $64.
We may see a reversal around the $59.20 area where it failed last week to break above it as the daily 200& 800 EMA are currently rejecting any upward movement!
Based on fundamentals:
* Venezuela oil production is expected to drop below one million barrels.
* Baker Hughes oil rig count ticks down to 833 lowest reading since April 2018.
There is a lot of potential for WTI to reach higher levels the upcoming week!
There is a lot of buying happening on oil prices based on technicals, prices may rise up to the next resistance of $60 a barrel before any reversal or even $64.
We may see a reversal around the $59.20 area where it failed last week to break above it as the daily 200& 800 EMA are currently rejecting any upward movement!
Based on fundamentals:
* Venezuela oil production is expected to drop below one million barrels.
* Baker Hughes oil rig count ticks down to 833 lowest reading since April 2018.
There is a lot of potential for WTI to reach higher levels the upcoming week!