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Oil jumps over 2% to fresh 3-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil benchmarks on both sides of Atlantic extend its three-day winning streak into the European session this Friday, and rises to fresh three-week highs.

    Both crude futures display inverted H & S bullish break on daily sticks

    Currently both crude benchmarks are extending further to the upside and holds near new 3-week tops, with WTI up +2.42% at 33.86 and the Brent oil rallies +2.18% just ahead of 36 handle. The catalysts behind the rally in the WTI as well as Brent are different, with the former bouncing on the back of rising demand for gasoline, while the latter gains on the back a short-covering rally ahead of the expiry on Monday.

    Moreover, profit-taking can be also considered a reason behind the move after three successive days of gains and also ahead of the crucial US GDP report, which may have major impact on the US dollar and eventually on the USD priced-in black gold. While the US rigs count report due later today would also influence oil prices.
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