The U.S. West Texas Intermediate oil price is inching closer to forming a key bullish technical pattern, with the benchmark’s 50-day moving average looking poised to cross above its 200-day moving average to create the so-called “golden cross.” The last time this happened was in May 2016, after which the price went up 18 percent in just one month. While WTI has rebounded from a rout following Hurricane Harvey, its discount to London’s Brent price was at its widest level in over two years, making it relatively cheaper than other varieties in Europe and Asia to encourage exports.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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