- Oil prices rise for the sixth day in a row.
- WTI put the 2018 highs to the test and then fell back.
The oil rally remains strong. On Tuesday, WTI futures reached $ 76.65, the highest level since 2018. In the last hour there was a pullback and is trading at $ 75.87, a rise of 0.68% for the day.
A barrel of Brent exceeded $ 80 for the first time since 2018. Energy prices are skyrocketing. The price of natural gas in the US rises 10% and reaches its highest since 2014.
The rise in the price of crude oil occurs in the context of an energy crisis in Europe that threatens to become a global crisis. Added to this is the problem with natural gas. On Tuesday, the oil market outlook report from the Organization of Petroleum Exporting Countries will be released. The report will be important for the meeting of OPEC and its allies next week.
The advance in the price of crude oil plus the crisis, gives room for an increase in production by OPEC +, but it is not assured that this will be agreed next week.
The fall in the stock markets and the rise in the dollar only seem to be limiting the advance of the WTI, but they do not generate a change in the short-term trajectory. In case of exceeding and asserting itself above $ 76.80, where the 2018 peak is, the price would be at maximum in more than five years and would point to $ 80.00.
Technical levels
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