WTI bulls taking the baton from the bears on Thursday against an otherwise technically bearish backdrop. Demand-side fundamentals demand greatly on a vaccine. WTI is currently trading at $40.19 having travelled between a low of $39.15 and a high of $40.34. Commodities are performing well as the US dollar starts to show signs of exhaustion in its recent bullish correction. The CRB index spent the majority of the day in North America climbing between 146.81 to a high of 148.48 to end on Wall Street some 0.4% higher. However, while oil has been bid on Thursday, overall, the price of oil is giving back gains in a phase of consolidation in the low $40s and there are compelling technical prospects for the downside. Fundamentally, though, there are continued hopes of a vaccine which should encourage social behaviours towards a rise in demand. The OPEC put is crucial for energy markets to sustain on the recovery path, analysts at TD Securities argued. It’s worth reiterating that OPEC opened the door for an extraordinary meeting in October if oil markets weaken further, which should mitigate concerns surrounding the stalling pace of the recovery in demand, given OPEC’s willingness to fight back against the virus. WTI technical analysis In the above daily chart, the price of oil is being rejected by the daily resistance which opens prospects for an approach to the prior structure to the downside. WTI weekly chart The price looks to have completed the upside with prospects back to below the $40 area and into the low $30’s, according to the structure. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Europe prepares to embrace crypto, Russia gets ready to clamp down on in FX Street 2 years WTI bulls taking the baton from the bears on Thursday against an otherwise technically bearish backdrop. Demand-side fundamentals demand greatly on a vaccine. WTI is currently trading at $40.19 having travelled between a low of $39.15 and a high of $40.34. Commodities are performing well as the US dollar starts to show signs of exhaustion in its recent bullish correction. The CRB index spent the majority of the day in North America climbing between 146.81 to a high of 148.48 to end on Wall Street some 0.4% higher. However, while oil has been bid on Thursday, overall, the price of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.