Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:
Oil has consolidated its gains from last week. Both Brent and WTI punched through their resistance levels at 50 and 48.50 temporarily before settling lower at 50.10 and 48.15 this morning on producer hedging.
There was no singular piece of news driving the price action; one suspects it was a combination of stop-loss buying and optimism about OPEC.
Crude should remain bid on dips in Asia today, but the progress higher will get slower as crude runs into more natural sellers at these levels.
For direct comment, please contact:
Jeffrey Halley Business Development and Market Strategist, OANDA Asia Pacific
Representative No. HJD300377750