WTI crude oil analysis

Crude oil on the fundamental side

There was a discrepancy in the performance of oil futures contracts during today's trading on Wednesday, as prices are likely to remain supported this week, as traders assess supply risks after receiving new signals about the possibility of imposing sanctions on Russia, and signs that OPEC will not rush to increase production, as WTI futures for next month's delivery rose by 0.1% to 65.63 dollars per barrel.

Oil on the technical side

Crude oil prices are trading near the levels of USD 65 per barrel, as they are now trading inside an ascending price channel on the four-hour frame.

We expect oil to visit the upper limit of this channel near the levels of 66.40 / 60 dollars per barrel.

As any corrective pullback inside the channel, we expect that it will be a good opportunity to rebuild long positions on oil to target the upper limit of the channel.

This scenario fails if the USD 63.35 levels break down.