- Price of a barrel continues to be driven by appetite for risk and in compliance with the OPEC + agreement.
- WTI is approaching $ 55.00, at a high in months.
The price of oil is rising on Tuesday, extending the rally. A barrel of WTI advances 2.30% and operates at $ 54.75. It traded at $ 54.88, the highest level since mid-January 2020.
The fact that crude oil production was being within the agreed parameters was a positive factor. In addition, investors are optimistic about the recovery of the economy in the future. Reuters reported that OPEC production rose for the seventh consecutive month in January but the increase was less than expected.
The rise of the dollar (DXY in highs in months above 91.00) did not stop oil. The price of a barrel remains with a strong bullish tone, continuing with the rally that started in May and after the correction of September / October.
From a technical point of view, the key on Tuesday of WTI was the break of the $ 53.90 / 54.00 zone, which had contained the advances in the previous weeks. If it stays above it, it is expected that the door is open to more increases, while if it falls below it, crude would lose momentum.