Crude oil prices made its first modest weekly gains in nearly six-weeks. The gains come following the initial sell-off.
Oil traders were bearish assuming weaker demand due to the virus outbreak. Meanwhile, a weekly build in inventory also did not dampen the rebound in the commodity.
WTI Breaks Resistance, Can it Rise Further?
Crude oil prices settled above the 51.65 resistance level into Friday’s close. The gains come following a strong selling pressure in the previous weeks.
The gains could see the corrective move pushing prices toward the 54.73 level next. This is, of course, if price action can hold above the 51.65 resistance level.
