WTI pares gains
WTI rose as high as $68.87 but it’s now a dollar below that level at $67.81 with all the selling coming in the past 20 minutes.
There’s no news from OPEC+ but we could be seeing some profit taking or similar negativity to what we’re seeing in other commodities. Gold earlier reversed after hitting a five-month high and copper is down 0.3%.
The key level in WTI is $67.97. That was the intraday high in March. Brent also needs to stay above $70. It’s trading at $70.59 now from a high of $71.34.
The oil market is never without surprises; this could be an ugly fake break but I’m hesitant to overthink it ahead of the Nymex settlement, at the very least.
This article was originally published by Forexlive.com. Read the original article here.