WTI Crude Oil Daily Analysis – July 31, 2017

Oil prices closed higher on Friday for the fifth consecutive session to mark its biggest weekly gain this year. Saudi Arabia and Nigeria’s decision to pull back on exports and output effected investors’ sentiment.

Technical Outlook

Crude oil prices continue to break higher and currently trade at 49.91 which is around the resistance line at $49.88. This is a “Megaphone chart pattern” resistance trend line. A break above will lead to new horizontal resistance line at $ 51.93.

Crude oil short term view is fundamentally strong, however, there will be some technical correction on the way. Pay attention to the upper slope line at $49.88.