Commodity spotlight – WTI Crude
Oil bulls entered the scene on Wednesday morning after Trump deserted the Iran nuclear deal. WTI Crude has scope to venture higher in the near term, as fears of heightened geopolitical tensions in the Middle East fuel concerns of potential supply disruptions.
Taking a look at the technical picture, WTI Crude remained firmly bullish on the daily charts. There have been consistently higher highs and higher lows while the MACD traded to the upside. A solid daily close above the $70.00 level could invite an incline higher towards $71.10. Alternatively, if bulls are unable to keep prices above $70.00, the next key level of interest will be at $69.30.