Oil breaks $80 for the first time in nearly 4 months

$80 WTI is important both psychologically and technically. It hasn’t been up here since November 7, when questions began about OPEC+ unity. OPEC has held it together so far and global growth has been strong so far this year.

Technically, I would look to $81.46 next. That’s the 50% retracement of the Sept-Dec range.

Confirmation for oil might have to come from Brent. It’s trading at $83.87 but will need to get above $84.80 to get above the Jan/Dec highs.

This article was written by Adam Button at www.forexlive.com. Source