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Oil Rallies On Profit Taking, But Can It Hold Onto Gains?

Oil

August West Texas Intermediate Crude Oil Futures

August West Texas Intermediate crude oil futures are set up for a solid close this week. A combination of profit-taking and short-covering has been behind the lengthy rally.

August WTI Crude oil futures are in a position to post their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output.

U.S. crude futures are currently up about 4.6 percent for the week. That marks the biggest rise since the week-ending May 19.

The market received a boost on Wednesday after the U.S. government reported a decline in weekly U.S. production. The news carried over into Thursday’s session. This news helped alleviate a few of the lingering concerns over the global supply glut.

A weaker U.S. Dollar also helped boost dollar-denominated crude because of increased foreign demand, however, the primary driver of the bullish price action was the Energy Information Administration’s report from Wednesday that showed domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3 million bpd the week-ending June 23, the steepest weekly fall since July 2016.

August West Texas Intermediate Crude Oil Technical Analysis

(Click to enlarge)

The main trend is down according to the weekly swing chart. A trade through $42.05 will signal a resumption of the downtrend. This should lead to an almost immediate test of the April 5, 2016…




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