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 Market Analyst - Asia Pacific
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia and the New York Times. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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