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  • Crude oil continues to rally despite stronger US dollar and inventory build up.  
  • WTI resumes rally and hits the strongest level in years.  

WTI (oil futures on NYMEX) resumed the upside today and jumped to $76.90 hitting a fresh multi-year high. From the top pulled back modestly and it was trading around $76.50, showing a gain of $1 today.  

After a 1-day correction, crude oil gained momentum and accelerated the upside after breaking on top of $76.00. The move to the upside took place despite a higher US dollar. Not even an increase in crude oil inventories limited the upside. According to the Energy Information Administration, crude inventories jumped by almost 8 million barrels last week, significantly above expectations, in the biggest build since March 2017. The upside continues to receive support from US sanctions to Iran.  

WTI Short-term technical Levels

To the upside, immediate resistance might lie at $76.55, followed by the $77.00 area and $77.80 (Nov 21, 2014 high). On the flip side, support could be located at $76.00, $75.30 and $74.95.