Oil gains not letting up to start the week
WTI up over 1% to $83.20 currently
It is tough to put a lid on oil prices as the upside momentum continues to extend. Last week’s move higher marked an eight straight week of gains for oil and with the energy crisis still a key focus globally, it is unlikely for the momentum to die down quickly.
OPEC+ is also keeping the peace and that is allowing for bulls to feel comfortable and overall demand conditions are still relatively bullish going into year-end and next year.
I’ve been one to push the bullish oil argument from a few weeks back and I don’t see how things are different to the view posted back then here.
And from a technical perspective (as seen above), it is tough to pick at resistance levels above the $80 mark as gains could very well stretch towards $100 next given the right conditions and barring any major changes to the fundamental outlook.