- WTI retreated from thirteen-month highs, finding support above $ 57.50.
- Optimism in the stock markets and a weak dollar give support to oil.
WTI’s barrel is trading practically unchanged from yesterday’s close at around $ 58.00. Previously, at the start of the European session it had climbed to thirteen-month highs at $ 58.62 and then fell to $ 57.55 before rebounding from the current level.
If it ends in positive, it would be the seventh daily profit in a row for oil, a streak that has not occurred since January 2019. This also applies to the reference barrel Brent, which remains firm above $ 60.00
The tone of optimism in the marketsAlong with February production cuts expected in Saudi Arabia and meeting quotas from the Organization of the Petroleum Exporting Countries and its allies, they remain an important backing.
Added to this is the general weakness of the dollar on Tuesday along with the expectation of more fiscal stimulus in the US.
The WTI rally already shows overbought levels, after climbing more than 10% since the beginning of the month, but there are still no signs of a downward correction or that the rally is beginning to wane. The only indication is the overbought indicators and the speed of the rally, which seems unlikely to be sustained consistently for several more days.
Levels to consider
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