WTI Oil Prices Nearing Upside ‘Breakout’ — Market Talk

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WTI Oil Prices Nearing Upside ‘Breakout’ — Market Talk

US benchmark oil prices add to earlier gains and for now are holding above $57/bbl for the first time since Sept. 25, leading some analysts to forecast further gains above WTI’s recent $53-$57 range. “Crude prices are higher and are nearing a technical breakout point,” says Spartan Capital’s Peter Cardillo, noting the Aramco IPO and US-China trade talk enthusiasm. “We think there is a good chance for crude to trade near $60 as these factors continue to boost market sentiment.” Still, weekly US crude inventory data Tuesday and Wednesday could show another outsized increase amid weak autumn demand that may discourage bullish sentiment. WTI was recently 1.4% higher at $57.04/bbl.