. Oil markets have been trading volatile in recent weeks, as fears of a worldwide recession would diminish demand, but also weighed by a strong US Dollar.
In the meantime, a power outage at a pump station in South Dakota disrupted oil delivery from Canada to the US -via the Keystone pipeline-and propelled traders to bid up WTI price.From a technical perspective, WTI is upward biased, as shown by the daily chart. The US crude oil is trading within a $10.00 range, supported by the 200-day EMA at $94.41 on the downside, while on the upside, the 20-day EMA at $103.68, initially was resistance. However, a leg up towards the daily high at around $104.
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