WTI Oil Outlook: Oil Prices Extend Recovery on Fading Omicron Fears, Iran

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WTI oil is accumulating during the second straight day and is accelerating well above the psychological $ 70 level, in an extension of Monday’s 4% rate.

Rising fears about the Omicron variant of a growing hope that a virus will not reverse the global economy have revived the risk appetite.

Iran’s nuclear talks have signaled delays in the return of Iranian oil, which has also raised oil prices.

WTI price rose to 1-1 / 2-week high in European trade on Tuesday, on a survey via pivotal Fibo barrier at $ 71.19 (38.2% from $ 85.39 / $ 62.42 withdrawal), generating further reverse signal after the last Thursday Hammer.

Closing above $ 70 (reinforced by 200DMA) is a minimum requirement to maintain a reverse signal that would be reinforced by a daily close above $ 71.19 Fibo barrier, for a key resistance test at $ 73.59 / 67 (base of thick daily cloud / daily Kijun- sen). ).

Improving daily studies adds to a recent bullish sentiment, with a focus on today’s release of an API crude stock report and crude inventories on Wednesday that could provide fresh signals.

Resource: 71.90; 72.90; 73.67; 74.75.
Sup: 70.93; 70.00; 69.64; 67.84.

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