WTI pares gains
WTI rose as high as $68.87 but it’s now a dollar below that level at $67.81 with all the selling coming in the past 20 minutes.
There’s no news from OPEC+ but we could be seeing some profit taking or similar negativity to what we’re seeing in other commodities. Gold earlier reversed after hitting a five-month high and copper is down 0.3%.
The key level in WTI is $67.97. That was the intraday high in March. Brent also needs to stay above $70. It’s trading at $70.59 now from a high of $71.34.
The oil market is never without surprises; this could be an ugly fake break but I’m hesitant to overthink it ahead of the Nymex settlement, at the very least.