WTI crude oil fluctuated higher but only $ 60 was a strong resistance

The following is a summary of Lukman Otunuga, FXTM Research Analyst at Global FX Brokerage:

In the context of the escalation of tensions in the Middle East, the crude oil market remains the focus of attention, with oil prices stabilizing around $ 57.

Optimistic market forecast OPEC will cut the agreement extended to March 2018 after this, which also continue to support the market, the question is how long the oil price will last? The unfavorable factors for the crude oil market still exist. In particular, OPEC expects the growth of demand to slow down. It also believes that the production of shale oil in the United States will grow faster than expected in the next four years.

Look at the technical side, there is no doubt WTI crude oil on the daily chart bullish, rising volatility, MACD and other indicators also showed the market trend to better. The bulls hope the price of oil will reach 60 U.S. dollars, and if the price stays above the 53.50 level, it is expected to reach this level. The problem for everyone is that $ 60 is a strong resistance and what happens when WTI oil reaches that level.

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