Oil hits 13-month high and challenges 13-year downtrend line

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  • WTI oil prices rise to the highest level in 12 months.
  • The monthly chart shows that prices are flirting with a major downtrend line.

West Texas Intermediate WTI crude is trading near $ 62.50 at the time of writing.

This region is the highest level since January 2020 and the resistance of the downtrend line since the highs of July 2008 and July 2014.

Expectations of a rapid global economic recovery fueled by vaccines and the recent cold snap in Texas have pushed North American benchmark oil prices to multi-year highs.

A break above trend line resistance would mark a decade-long bearish price action upside and shift focus to $ 66.60 (April 2019 high).

According to the news, Goldman Sachs analysts raised their 2021 WTI price forecast to $ 66.00 per barrel from $ 58.00 per barrel. For next year, the benchmark oil index is forecast at $ 67.00 per barrel versus the previous estimate of $ 62.00 per barrel.

WTI monthly chart

WTI

WTI technical levels

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