Back
14 Jan 2015
Oil jumped $3 in an hour to $48.90
FXStreet (San Francisco) - The Oil is rallying on Wednesday as the WTI jumped over $3 to 48.90 from $45.60 in a short-squeeze movement.
According to Adam Button from ForexLive, "It’s options expiration so that’s probably the catalyst because the main fundamental news today was bearish after a huge build in US inventories."
Oil levels
The oil is currently trading at 48.010, it the energy consolidates levels above 48.00, it will find next resistances at 49.00 and 49.60. To the downside, supports are at 45.00, 44.25 and then 36.00.
According to Adam Button from ForexLive, "It’s options expiration so that’s probably the catalyst because the main fundamental news today was bearish after a huge build in US inventories."
Oil levels
The oil is currently trading at 48.010, it the energy consolidates levels above 48.00, it will find next resistances at 49.00 and 49.60. To the downside, supports are at 45.00, 44.25 and then 36.00.