WTI oil gaps up today and surges to as high as 60.77 so far, breaking 60 psychological level. Buying was triggered by tension in Middle East. Dozens were killed in heavy clashes in Yemen between the country’s internationally recognized government and Iran-backed Houthi rebels. Additionally, sentiments were generally lifted by optimism of returning to normal with global vaccinations.
WTI is now clearly in upside acceleration mode targeting 161.8% projection of 47.24 to 53.92 from 51.58 at 62.38. Break there will put 65.43 key structural resistance in focus. In any case, outlook will now stay bullish as long as 57.30 support holds, even in case of deep retreat.
