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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Can Oil Hold At $70?

Oil

March West Texas Intermediate Crude Oil

March U.S. West Texas Intermediate crude oil futures continued to climb this week, aided by another drop in U.S. crude oil inventories.

On Wednesday, the U.S. Energy Information Administration reported that U.S. crude inventories fell for a record 10th straight week to the lowest since February 2015. Also supporting oil was the weaker U.S. Dollar which hit its lowest level since December 2014 against a basket of currencies.

Crude oil futures gave back earlier gains to finish lower on Thursday. Volatile swings in the U.S. Dollar weighed on crude oil prices after the WTI futures contract flirted with the $67.00 level. Traders also expressed concerns over high supply, rising U.S. production and worries over future demand.

For the second time in a little over a week, both WTI and Brent crude oil futures posted potentially bearish technical closing price reversal tops on the daily chart. This may be a sign that the selling is greater than the buying at current price levels or that the buying is not that strong.

On the weekly chart, the market is in a strong position to finish higher.

Weekly Technical Analysis

(Click to enlarge)

The main trend is up according to the weekly swing chart. Last week’s potentially bearish closing price reversal top was never confirmed and the rally resumed, negating the reversal signal and signaling a resumption of the uptrend.

The March WTI futures…

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