Oil Continues It’s Surge

Both Brent and WTI open in Asia at their New York highs this morning, both within shouting distance of their post-OPEC rally highs. Geopolitical tensions and a shutdown at Libya’s largest oilfield continue to support crude, with Brent spot trading at $55.90 and WTI $53.00, up 1.8% and 1.9% respectively.

 

We expect these factors to carry more weight than hard data in the price discovery process for the near term, with Brent’s price action looking the more constructive of the two. Brent’s 2017 high at $57.00 is its next target with the key level for WTI at $54.60. We have now fully unwound early March sell-off.

 

Look for crude to be bid on any meaningful dips today as traders stay glued to their news feeds for short term direction.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

Jeffrey Halley

Senior Currency Analyst
Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded currencies, options, precious metals and futures. Jeffrey started his career at Barclays Bank in New Zealand. However he has spent most of it in London and Asia.Jeffrey focuses on the Asia time zone across asset classes. A regular commentator on business news TV and Radio, he is originally from New Zealand and holds an MBA from Cass Business School, London.
Jeffrey Halley

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