WTI Crude Oil Prices Soar Above $95, $100 Target in Sight
WTI Crude Oil prices have been on an upward trend, breaking above $93.50 and $95.00. This surge has led to a bullish sentiment among traders, with some predicting that oil could reach as high as $100.00 or even $102.00 if it manages to close above $98.00.
On the 4-hour chart of XTI/USD, the price has formed a bullish trend line with support at $92.40. However, if there is a downside correction, the price could test this level and potentially fall further to $90.50 or even $88.20.
The current market conditions are also being influenced by economic releases, including the ECB Interest Rate Decision, which is forecasted to be 2.5%, and the US Initial Jobless Claims, which is predicted to be 205K. These figures will likely have an impact on oil prices in the coming days.