December 6, 2022

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Oil stays perky but breakout confirmation still elusive for now

1 min read

Oil keeps just below $68 to start European trading

WTI 02-06
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Oil looked set for a breakout yesterday as it traded up to its highest levels since 2018 but gains were faded late on as price slipped back below $68 and that is proving to be a sticking point for price action as we get into trading today as well.

OPEC+ did what was expected and offered nothing new before deliberating further measures later this month and in July but it is more so about the technicals for oil now.

Buyers need to hold a firm break above $68 to keep the upside momentum going as some consolidation here may eventually lead to exhaustion in the days ahead.

The loonie was a beneficiary yesterday on the move in oil but gave back gains as USD/CAD failed to really test the 1.2000 level once again.

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