WTI steady for now
The WTI crude oil price has stabilised around the highs of the past week, but is currently unable to make much headway above $61.50. Rallies above $62.00 last week met heavy selling, while there was buying at $55.00.
In the short-term a continued rally needs to recover $65.00, where the price bottomed for a time in early March. Conversely, a drop back below $60.00 might suggest a new leg down to $55.00 is underway.