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Crude Oil Weekly Forecast -12/01: Higher Prices (Chart)
(MENAFN- Daily Forex) WTI Crude Oil achieved another bullish move higher last week. The price of WTI Crude Oil went into the weekend near the 75.615 price. On Friday the value of the commodity was able to propel through the 75.000 level and briefly challenged the 77.000 ratio. While a U.S cold front may have been the talking point the previous week along with thin trading volumes, this past week heard news of U.S efforts to step up enforcement of Russian oil shipping bans.There are also reports saying Saudi Arabia will have less supply on hand over the next month, but also rumors Iran is selling supply it stores in China have been heard. While all of this makes for interesting noise, the question speculators suddenly are faced with is if there has been a fundamental shift in outlook for WTI Crude Oil prices after months of rather polite trading.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Correlations to Broad Market Assets and WTI Crude OilTechnically WTI Crude Oil has trended higher since the 9th of December, this after the price of the commodity touched the 66.800 vicinity testing mid-term support. The momentum upwards in WTI Crude Oil started to produce a climb the day after Christmas, and following the New Year's holiday another boost of buying power has been seen. However, two weeks of buying in WTI Crude Oil may not be total evidence that the trend is going to remain reaching for the sky.Within the higher elements of its mid-term price range, WTI Crude Oil now is challenging values not seen since the second week of October. In the spring and summer of 2024 WTI Crude Oil did trade above the 80.000 mark. We have seen higher prices certainly before. Values in other assets in the global market are showing signs of vulnerability and speculation too. Equities, U.S bond yields, and Forex have been problematic. The USD has been very strong since late September, but is this playing into the price of WTI Crude Oil via a correlation? Probably not Values and a Cautious Shift Acknowledging the TrendThe move upwards in WTI Crude Oil is noteworthy. The price velocity of WTI increased on Friday as global assets were getting battered. Tomorrow's opening should be watched carefully.
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- Traders who feel the price of WTI Crude Oil is too high should remain cautious about speculative selling. If the 75.000 level is sustained tomorrow and into Tuesday this could indicate some nervous buying power remains in WTI Crude Oil.
Speculators at least for the near-term will have to acknowledge a potential shift of sentiment that is leading to buying.
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