WTI deletes the key technical level
WTI crude oil is now rising at almost $ 1 a day, to $ 75.03.
The $ 75 level is not just psychological. This clears both the double cup made last week and the 61.8% retracement of last week’s sinking.
This is a good sign for the bulls, who have pointed to the delays in resuming Iran’s oil talks until August, meaning that supply will resume before at least the fourth quarter. The bulls have also noted that order data from OPEC + countries do not show an increase in shipments in August.
Technically, this is a great sign for both oil and CAD. I suspect we’ll see another race with $ 77.