- Oil price extends advance after strong rebound on Monday.
- WTI signs above $110.00, starts looking at $115.00.
- Better mood in markets and dollar weakness help crude oil prices.
Oil prices are rising for the second day in a row on Tuesday and hit the highest levels in nearly two months, fueled by a downward correction in the dollar and a rally in equity markets.
The barrel of WTI rises 0.60% on Monday and trades at $112.50 (platforms). It is the fifth daily rise in a row. The advance of the previous day left the price above the previous maximum of May, giving support for more advances. The bias remains to the upside, despite overbought indicators, especially staying above $110.00. Below key support can be seen at $104.00, where the 20 and 55 day moving averages converge.
You upload them in the oil prices They have higher demand behind them, in addition to the fact that the end of the restrictions in Shanghai due to COVID is expected, which would contribute even more to the demand for crude oil. In turn on Tuesday, the positive climate in the equity markets and the weakness of the dollar, give more bullish reasons.
The economic calendar shows US retail sales data ahead, in addition to industrial production. There will be speeches from various Federal Reserve officials. At the close of Wall Street, the API (American Petroleum Institute) crude oil inventory report will be published.
Technical levels
Source: Fx Street
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