Crude oil rises, can it reach $90?
Atualizado
WTI crude oil futures fluctuated higher, trading at $84.89 per barrel, an increase of 1.09%.
Since March 27, oil prices have continued to rise and have hit a five-month high. During the European session, WTI crude oil prices continued to rise, hitting $85.42 during the session, before falling slightly during European midday trading.
To some extent, oil's rally is managing to emulate gold, which has also seen a steady increase in buying since the start of last week. The recent rise in oil prices can also be attributed to signs that China's economy is accelerating, as well as continued strength in U.S. manufacturing data, which bodes well for energy demand.
These all suggest that oil prices should rise further, with the line chart showing that oil prices have accelerated since the second half of March, with the upper boundary of the ascending channel turning into support last week. We are also watching for a "golden cross" to form, which may attract more speculative buying in the coming days.
The target is around $90.
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