WTI crude is approaching the April high




The oil sizzles

If you like uptrends, you’re going to want to have a look at the oil chart. He has just made a series of lower and higher after reaching a low in mid-June.

Today, it is 84 cents, and threatening April’s high of $53.76.

There is still work to do if we can get above the April high, with levels of resistance that extends up to $55.24, but the image is looking intriguing.

The catalyst for the latest increase was a comment yesterday from a Saudi official to talk about the extension of the OPEC cuts.



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