WTI Crude oil prices were seen posting some modest gains, recovering off the lows at 55.50. The modest recovery in oil prices came amid mixed fundamentals. While on one hand oil prices were under pressure due to a stronger USD, the ongoing tensions with Iran have offset the declines. This has kept oil prices flat for the most part over the week.
Will WTI Crude Oil Extend Gains?
With oil prices reclaiming the 57.50 level of resistance, we now expect the upside to prevail. However, this remains the case as long as the resistance level of 57.50 acts as support. The upside resistance now is back at the 60.00 handle. We could expect to see gradual gains. A break down below 57.50 could keep price declines limited to the 54.00 handle.
