Oil prices posted a strong rebound on Thursday as WTI crude oil settled at 63.26 a barrel. The reversal in price came due to the rising tensions in the Middle-East. OPEC and Russia are planning to meet this weekend to discuss security issues and to prepare the groundwork for the semi-annual OPEC meeting in Vienna next month.
Can WTI Crude Oil Maintain the Gains?
The reversal from the 60.33 level of support has seen oil prices gradually pushing higher. Following the breakout above 62.85 resistance, oil is seen retracing back to this level. As long as it holds as support, we expect further gains in the near term. The next main target to the upside comes in at 64.65. A retest of this level as resistance could, however, cap the gains in the medium term.
