FxWirePro: US Oil breaks major resistances, hits fresh 13-month high at $58.59
WTI oil prices hit fresh 13-month high at $58.59 per brl before easing slightly to trade at 58.10 at around 10:15 GMT.
Oil prices have risen nearly 10% in the past week's trade and are set to extend the previous week's uptrend.
Price action has shown a decisive break above 200W MA and major trendline resistance at 57 mark adding support to the bullish bias.
Commitment from OPEC+ oil producers to production cuts and optimism regarding the global economy continue to buoy oil markets.
Further on the geopolitical side, U.S.-Iran standoff drags on which means more Iranian oil prevented from entering global markets.
Prices have approached stiff resistance at 110 month EMA at 58.64. Decisive break above will ignite further gains.
Next major bull target lies at 200 month MA at 69.51. Hurdles on the way align at 60 (psychological mark) and 65.62 (2020 high). Bullish invalidation only below 200W MA.