10:50 AM · 19 June 2020

Oil WTI returns above $40 mark

Oil WTI (OIL.WTI) broke above the $40 handle. Level has not been seen since OPEC+ reached an agreement on extending output cut deal until the end of July. A double top pattern could be painted in this area. Apart from that the upper limit of the bearish price gap from the beginning of March can be found at $41.12.

However, one should keep in mind that OPEC+ did not recommend extending output cuts into August and US shale production is beginning to recover.

WTI continues upward move on hopes that demand is rebounding. However, higher prices encourage boosting supply. Source: xStation5

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