WTI crude oil weekly
When you zoom out and look at the weekly oil chart, all the volatility seems to spill away. There have been plenty of whippy moves in the past few months but it’s all taken place in a range of $70-85.
This week, oil bounced around again but closed almost perfectly flat on the week after a 99-cent gain today.
The bears are worried about inventories building in the US and muddling signs from China’s reopening. The bulls are encouraged by better global growth and Russian supplies stumbling.
Ultimately though, we’re right in the middle of the range and waiting for a break on one side or the other. At this point, I can’t imagine either side holding a great deal of conviction.
This article was originally published by Forexlive.com. Read the original article here.