Oil climbs by 2% on the day as rebound extends

WTI crude oil moves up by a little over 2% to $68 in European morning trade

The rebound in oil continues to take shape amid as buyers seek to build on a bounce of the support from the July lows in overnight trading.

The 100-hour moving average @ $68.20 will be the next near-term resistance point for oil prices, after having limited a bounce on Friday last week.

That said, the push back above the 100-day moving average @ $67.13 is encouraging. But given delta variant concerns and China’s situation, gains may be capped closer to $70 should things keep as they are – at least for the time being.

I talked more about the present situation in the oil market earlier here.

Invest in yourself. See our forex education hub.

Articles You May Like

Inflation remains sticky in Europe, with core prices cooling less than expected
US Dollar flat in lackluster Tuesday
You would be hard-pressed to find a better four-month run in US stocks, ever
Fed decisions to set short-term direction for gold prices
Gold rallies finishing with weekly gains, ahead of US NFP data

Leave a Reply

Your email address will not be published. Required fields are marked *