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WTI Futures Weaken Their Bullish Move Above SMAs

WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the […]

Oil prices muted, gold grinds higher on COVID

By recent standards, oil’s price action overnight flatlined, supported by very narrow daily ranges. Brent crude fell slightly by 0.25% to $41.20 a barrel, with WTI rising 0.50% to $39.80 a barrel in directionless trading. Both contracts remain comfortably ensconced in the middle of their respective monthly ranges, as outlined yesterday. Covid-19 nerves are definitely