After 3 years, the WTI Crude Oil had noticed biggest value at the price almost 73 USD per barrel. This year this commodity has increased its price more than 11%.
22/05/2018 WTI Oil did 3-years highs. There is set strong resistance at this price level and was ordered a lot of sell positions. Now the Oil Wti is trading at the level of 66 and is currently fighting with support. At the value of 65 USD we can find 100 Day EMA. If price breaks this support, we will potentially move to next strong support, which is set at the value 62 USD per barrel. Nearly bellow it, there is 200 Days EMA and this price level between 62-61 can be key for future development.
If the support at 66 USD hold on bears, bulls could squeeze the price back to the top.
This commodity is very sensitive for fundamental data and news, so I rather not describe what indicators says, because fundament in this commodity is more preferred, but marked price levels are very important for the next development.
The sharp price decline was triggered on Friday by Saudi Arabia, the biggest oil exporter in the world and de facto leader of oil cartel OPEC. Saudi energy minister Khalid Al-Falih said during a CNN-hosted panel in St. Petersburg, Russia, that he was in intensive discussions with Russia and other OPEC nations to pump more oil to ease global supply concerns. OPEC oil producers and Russia are due to meet in Vienna on June 22 to discuss easing self-imposed supply caps, which have been in place since 2017, according to CNN.com
“It is the intent of all producers to ensure that the oil market remains healthy, and if that means adjusting our policy in June, we are certainly prepared to do it,” Al-Falih said. Al-Falih said OPEC and Russia could supply more oil to world markets “in the near future” to make up for a collapse in Venezuelan output and the impact of US sanctions on Iran.