Home WTI Price Analysis: Oil hits 13-month high, challenges 13-year bearish trendline
FXStreet News

WTI Price Analysis: Oil hits 13-month high, challenges 13-year bearish trendline

  • The US oil prices rise to the highest level in 12 months. 
  • The monthly chart shows prices are flirting with a major bearish trendline.

West Texas Intermediate (WTI) crude is trading at $62.77 per barrel at press time. 

That’s the highest level since January 2020, and the resistance of the trendline falling from July 2008 and July 2014 highs. 

Expectations of a swift vaccine-led global economic recovery and the recent cold blast in Texas have powered the North American oil benchmark to multi-year highs. 

A break above that trendline hurdle would mark a reversal higher from decade-long bearish price action and shift focus to $66.60 (April 2019 high). 

Analysts at Goldman Sachs have reportedly raised their 2021 WTI price forecast to $66 per barrel from $58 per barrel. The following year, the oil benchmark is seen rising to $67 per barrel versus the previous $62 per barrel projection. 

Monthly chart

Trend: Bullish

Technical levels

 

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.