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Crude oil is trying for upside
Information is not investment advice
Oil prices rose on Thursday, June 20, as the US President Donald Trump criticized Iran’s attack on a US surveillance drone, saying that Tehran made a “very big mistake.” In addition, there was a larger-than-expected decline in US crude inventories.
WTI oil retraced 50% Fibonacci of the May-June decline and got to 57.25. If the price overcomes this level, it will be able to get to 61.8% Fibo and 100-day MA at 58.60. This level will represent a more serious obstacle for buyers. Notice that on H4 there’s the 200-period MA at 57.55 - it would be sensible to buy WTI on the break above it. The decline below 56.60 will open the way down to 55.62.
Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.
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A combo of strong demand and poor supply has sent oil prices to the high unseen since 2018. Gas is at record highs as well.