Oil: WTI rises for third day and erases weekly losses

• WTI accumulates a rise of $10 from the low of the week.
• Better mood in the markets favors the rebound.

The oil prices they rise for the third day in a row and are on track to erase weekly losses. The negative climate in the markets and the lack of resolution on the ban on the purchase of Russian oil weighed on prices, although they managed to hold on to key levels and had a significant rebound.

The price of a barrel WTI it is at $107.75 (platforms), at the highest level since Monday. The advance is greater than 2% and seems to be driven by the better climate in the equity markets.

From Wednesday’s low, WTI rose $10, a huge rebound that brought the price back to the highs for the month. Above $108.00 the next resistance is $110.00.

In the event of an even greater deterioration in global growth expectations, the bullish case for oil prices could lose strength and favor a more sustained correction. On the other hand, the continuation of the war in Ukraine and the possible sanction of prohibiting the purchase of Russian oil by the European Union continue to limit downward trends.

Technical levels