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WTI Crude Oil Fails to Retest Current Monthly Highs of $81.61
The WTI crude oil on Friday failed to retest the current monthly highs of about $81.61 despite rallying to trade above $81.00. The oil price continues to trade within an ascending channel formation in the 60-minute chart. The light crude oil has now ascended to trade several levels above the 100-hour moving average line. However, it still seems to have some room left to run before reaching the overbought levels of the 14-hour RSI. WTI Crude Oil Fundamentals Overview From a fundamental perspective, light crude oil is trading at the back of a relatively busy period in the US market. On Friday, the preliminary Michigan ... (full story)