On Thursday, Oil prices are trading steady after the concrete gains yesterday as the declining U.S. fuel supplies boosted the market.
The OPEC members Nigeria and Libya being exempted by some countries has contributed to the bullish sentiment.
WTI Crude oil prices reached new two-weeks high at $47.35 in accordance with our technical outlook which took a strong support around the line at $46.
Crude oil 4H chart has formed “Rising Wedge Pattern”. Prices are currently at the resistance area at $47.30 and might consolidated between $47.50-$49. A break below support at $46.60 and the direction will turn to negative.
This article was originally posted on FX Empire