West Texas Intermediate Oil

Currently one of the most popular speculated Oil contracts in North America moved to a 4 month high of $52.43. Having been in a range between $44 and $50 for much of that period, the break out higher represents a significant change on WTI.

The latest catalyst for the move higher came through geopolitics, in light of the recent Kurdish referendum on independence, came a threat from Turkey to halt the supply pipeline to Europe that carries oil exports from Kurdistan.

Indeed with Global Oil inventories now noticeably lower, the recent OPEC production cuts, albeit slowly, seem also to be having an upward lift to prices. Whether this momentum can continue is another factor, but the next significant level of resistance comes in around $55: this is likely to be closely watched by investors and traders alike.

Jordan Hiscott,

Chief Trader

 

Disclaimer

The views and content expressed above are the views of the author and do not reflect the views of ayondo markets. This service is for information only and should not be interpreted as investment advice or any recommendation to enter into a financial transaction.

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