February 3, 2023

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WTI crude hits $75 per barrel in rally to one-week high

1 min read

WTI clears a key technical level

WTI crude oil is now up nearly $1 on the day to $75.03.

The $75 level isn’t just psychological. It clears a double top made in the past week as well as the 61.8% retracement of last week’s swoon.

WTI clears a key technical level

This is a good sign for bulls, who have been pointing to delays in the restart of Iran oil talks until August — meaning supply won’t return until at least Q4. Bulls have also noted that order data from OPEC+ countries isn’t showing any rise in shipments for August.

Technically, this is a great sign for both oil and CAD. I suspect we’ll see another run at $77.

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