US crude is on track for five straight days of advances after OPEC+ decided to cut output from in November. Aggressive rise highlights $93 and $100 as key levels
Technical forecasts for oil are always challenging as the market is so heavily driven by fundamental factors like demand and supply, geopolitical uncertainty, war, the value of the dollar, the state of the global economy and others.
WTI and Brent crude oil prices rose as appetite for a Russian oil embargo grows in Europe. Meanwhile, the US is considering new sanctions amid global outrage about alleged Russian war crimes.
Crude oil continued to fall in the early portion of the week, piercing the 100 level temporarily before buyers made a pronounced re-entry into the situation.