WTI Crude Oil price seems to reflect the growing hopes of resolving major issues with Russian President’s visit to Iran, which may provide new dimensions to demand-supply equation of the WTI Crude Oil price.
On the weekly chart, we can clearly see the picture.
Breakout of 55 USD will confirm 60.00 USD midterm. We have reached our first main target 55 USD. My prediction was with the targets, 55, 58 and 60.
News from Reuters gives us a clue about the direction:
Reuters: Top oil exporter Saudi Arabia will hike December crude prices for customers in Asia to levels last seen in 2013 or 2014, a Reuters survey showed, with OPEC-led output cuts and robust demand re-balancing markets for the commodity.
The producer is expected to raise flagship Arab Light’s December official selling price to at least 90 cents a barrel above Oman/Dubai quotes, the survey of five refiners showed. That would be the highest premium since $1.65 in September 2014, according to Reuters data.
Prices for heavier grades may see a bigger boost in December, the survey showed, with Arab Heavy’s OSP set to rise to at least $1.30 below Oman-Dubai quotes. That would be the narrowest discount for Saudi heavy crude since minus $1.05 in December 2013, according to Reuters data.
55.46 and 56.35 are the first targets. Possible pullback levels 54.25, 53.90 and 53.51.
I am keeping all my LONG positions. I will add LONG with the daily closing above 55.30.
Pullback levels mentioned above are buying opportunities.
WTI Crude Oil weekly closing price level on November 3rd, 2017 will provide an important clue about the movement of WTI Crude Oil price’s direction during the upcoming weeks.