Oil WTI May Extend Its Rally
Oil WTI closed on the weekly timeframe above the $85.00 resistance level for the first time since November 2022 with clear signs of strength paving the way for more potential buyers to take control over prices.
Price may target $93.00-$97.60 resistance levels in the medium term. Nonetheless, traders surveyed by Bloomberg expect Saudi Arabia to persevere with the extra 1 million barrel-a-day cutback it has made this summer, extending it into October. Riyadh's OPEC+ ally, Russia, has already signaled it's prepared to continue export curbs.
Price may target $93.00-$97.60 resistance levels in the medium term. Nonetheless, traders surveyed by Bloomberg expect Saudi Arabia to persevere with the extra 1 million barrel-a-day cutback it has made this summer, extending it into October. Riyadh's OPEC+ ally, Russia, has already signaled it's prepared to continue export curbs.
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