- Risk appetite and NAFTA deal supports crude oil prices.
- WTI remains slightly below $69.00 a barrel, with bullish tone intact.
WTI (oil futures on NYMEX) is consolidating modesty daily gains as it trades at $68.85 a barrel, up 0.30% for the day. It failed to rise above $69.00 but the upside tone remains intact.
Improvement in risk appetite and also the agreement between Mexico and US regarding NAFTA weakened the greenback and offered support to crude oil. In Wall Street, the Dow Jones was up almost 1% while the DXY was about to post the lowest close August 1.
Price heads for the highest close since August 2. The upside is likely to remain limited while under $70.00. A consolidation on top, is likely to open the doors to more gains.
WTI Levels to watch
To the upside, resistance levels might be located at $69.00 (psychological), $69.30 (last week high) and $69.90. On the flip side, support could be seen at $68.25/30 (Aug 27 low), $68.0 and $67.30.
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