Price of WTI crude oil closed higher on the week, settling above the $60.00 handle. The gains in the commodity came as the Gulf of Mexico saw a 30% shutdown in production due to the tropical storm Barry. Prices were flat by Friday with both the EIA and OPEC expecting to see oil surplus in the year ahead.
Crude Oil Closes Flat Below Resistance
WTI Crude oil prices closed with a doji pattern on Friday. This marked a second consecutive doji formed below the resistance area of 61.00. A bearish follow-through from here could signal a short term correction. This will keep the commodity within the range of 61.00 and 57.50.
