1 May 2015
Further upside in WTI on the cards? – Scotiabank
FXStreet (Edinburgh) - Camilla Sutton, Chief FX Strategist at Scotiabank, noted the possibility of an extension of the recent upside in crude oil prices.
Key Quotes
“WTI oil has reached fresh highs, flirting with $60, and marking a 43% rally from its lows”.
“This week’s inventory data was encouraging, marking the first draw from cushing storage and production falling on the month for the first time in a year and a half”.
“Technically the outlook has been strong for some time, but as the 50‐day ($51.15) flirts with a bullish break above the 100‐day (51.38) it highlights a significant change (the bearish cross came in August, when oil was over $100)”.
Key Quotes
“WTI oil has reached fresh highs, flirting with $60, and marking a 43% rally from its lows”.
“This week’s inventory data was encouraging, marking the first draw from cushing storage and production falling on the month for the first time in a year and a half”.
“Technically the outlook has been strong for some time, but as the 50‐day ($51.15) flirts with a bullish break above the 100‐day (51.38) it highlights a significant change (the bearish cross came in August, when oil was over $100)”.