Oil Prices Supported Near Highs – Bullish Trend Stable
Jan, 09th 13:15
Oil prices are trading near multi- year highs on Tuesday, supported by OPEC- led production cuts
The American Petroleum Institute will release its weekly stockpiles data after the market close Tuesday, while the official government data will be released a day later amid expectations for an inventory decline of 4.1 million barrels.
U.S. crude oil futures gained 0.242% to $61.99 at 11:56 GMT, while Brent oil was unchanged at $67.89.
On the technical charts, WTI crude is trading above all the moving averages (9 day, 20 day, 50 day, 100 day, 200 day). The RSI is at 71.16 and the MACD is above the signal line.
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