Oil hit 4-month highs on Thursday, closing the day above $80 per barrel WTI.
The indicative smooth uptrend suggests that the wildest part of the rally is yet to come. The medium-term uptrend in oil began at the December lows. At that time, oil was actively bought in attempts to break below the 200-week moving average. Touching this mark was also a turning point in 2023, kicked off a strong rally in 2020, and provided crucial support in 2019.
Although the rally in January did not quickly gain momentum, it gradually took hold in the markets. The 200-day moving average is more indicative of trader sentiment than producer sentiment. For almost a month now, the price has been hovering around this mark. This week has seen the most significant attempts by the bulls to shake up the market. At levels just above $80, the price of WTI is approaching the upper boundary of the bullish corridor seen in late January and late February.
France Dernières Nouvelles, France Actualités
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