WTI crude oil extends to as high as 62.23 so far this week The unusual cold storm and deep freeze in Texas is still hampering crude output, which would extend for days or even weeks. It’s estimated that roughly 1m bpd of production is shut.
WTI is now close to 100% projection of 47.24 to 53.92 from 51.58 at 62.38, and there is no sign of topping yet. Further rise would remain in favor as long as 59.34 support holds. Firm break of 62.38 will pave the way to 65.43 structural resistance next. We’d pay attention to loss of upside momentum as it approaches this 65.43 level. On the downside, break of 59.34 will now indicate short term topping and bring deeper pull back.
