• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 3 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 2 hours Itt looks like natural gas may be at its lowest price ever.
  • 3 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 6 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 2 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 54 mins Saudi A to Splash $100 Bln on India
  • 4 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 19 hours students walk out of school in protest of climate change
  • 1 day Europe Adds Saudi Arabia to Dirty-Money Blacklist
  • 1 day Some Good News on Climate Change Maybe
  • 17 hours Mineral rights owners,
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

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…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News