By ForexTime
Oil prices have hijacked our attention after surging to their highest level since November 2022!
The global commodity rallied over 7% last week after Russia announced that it will extend export curbs, with other supply and demand factors complementing upside gains.
Given how WTI crude simply cut through key weekly resistance like a hot knife through butter, bulls could be back in town. Taking a quick look at the technical picture, the trend is turning bullish with another potential breakout on the horizon.
Should these curb extensions become a reality, this could keep oil bulls in the driving seat – leading to higher prices.
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Oil seems to be gaining positive momentum on the daily charts with prices trading above the 50,100 and 200-day SMA. There have been consistently higher highs and higher lows while the MACD trades above zero.
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