Crude Oil Bears Helpless as WTI Continues Higher (USO)
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Crude oil bears have been more or less helpless in the fight against bulls over the past seven days. WTI futures ripped through what little resistance there was at $90 and rammed prices higher to $93.
Sentiment in crude oil changed on a dime early in the month. After a brutal decline below $80 that was a result of fears of weakening global demand, WTI oil is ramping higher in a big way, with mostly one sided price action.
Fears over the escalating situation in Iran and the Gulf region have paralyzed bears and they have been unable to pull the trigger. As a result, oil continues higher virtually unopposed. Unless we see a major flare-up in Europe, traders say oil is going to be moving higher in the near term. However, it has been a few days since the crisis in Europe made headlines, so we are probably due for a 'crisis moment' any day now.
If bear come out of hiding, look for consolidating around $93 per barrel near term. If breached, $96 could be the next level of resistance.
United States Oil Fund LP ETF (NYSE: USO) added 2.8 percent on Thursday.
The following is a list of popular crude oil ETFs: (NYSE: USO) (NYSE: OIL) (NYSE: UCO) (NYSE: SCO) (NYSE: DBO).
Sentiment in crude oil changed on a dime early in the month. After a brutal decline below $80 that was a result of fears of weakening global demand, WTI oil is ramping higher in a big way, with mostly one sided price action.
Fears over the escalating situation in Iran and the Gulf region have paralyzed bears and they have been unable to pull the trigger. As a result, oil continues higher virtually unopposed. Unless we see a major flare-up in Europe, traders say oil is going to be moving higher in the near term. However, it has been a few days since the crisis in Europe made headlines, so we are probably due for a 'crisis moment' any day now.
If bear come out of hiding, look for consolidating around $93 per barrel near term. If breached, $96 could be the next level of resistance.
United States Oil Fund LP ETF (NYSE: USO) added 2.8 percent on Thursday.
The following is a list of popular crude oil ETFs: (NYSE: USO) (NYSE: OIL) (NYSE: UCO) (NYSE: SCO) (NYSE: DBO).
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