Last week’s trading of WTI Crude Oil saw a fast rise in value as the weather in the U.S. turned extra cold and speculative forces took advantage of light holiday trading volumes: forextrading technicalanalysis forex FX
Intriguingly and perhaps highlighting that strong speculative forces were involved in the bullish activity last week, was the reversal lower which hit approximately the 76.790 mark two days later on Thursday. Topping off the wagering landscape was the climb higher again which finished the week within sight of solid higher values.
While the energy has certainly climbed in price since its lows during the second week of December, WTI Crude Oil remains well below its peak number seen in early November when it traded above 92.000 USD. It is likely fundamental questions of global demand will start to become part of the conversation quickly. The opening of China per its removal of tough coronavirus restrictions may spark some additional speculative demand.
Traders should remain cautious the first couple of trading days this week in WTI Crude Oil because thin transactional volumes could still spark volatility.The inability of WTI Crude Oil to remain above the 81.000 level last week at the height of its speculative buying may be a signal large traders of the commodity believe there is enough supply.
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