WTIUSD

Oil prices recorded a strong rise this week, supported by two main factors. The weakening Dollar made oil cheaper for other currencies, and the U.S. crude oil stocks decreasing more than expected indicated strong demand, triggering buyer appetite. These fundamental developments caused a sharp rise, clearly shown in the chart with a massive green candle, breaking the 68.791 pivot level and several resistances. As prices reached the resistance of 72.219, it is evident that the trend is clearly upward.