Trading crude oil futures showed intraday swings of over $2 as the dollar weakened following softer CPI data. Softer USD makes commodities more attractive to overseas buyers, historically correlating with higher futures prices. WTI technical chart patterns hint at a potential breakout toward $83.70 if volume remains elevated. A move in December crude oil futures below strong chart support at the August low of $60.57 would give the bears more power and it would also become a selling opportunity in the December micro WTI crude oil. The downside price objective would be $53.00 or below. Technical resistance, for which to place a protective buy stop just above, is located at $64.00. Crude oil is widely regarded as one of the world’s key commodities, with many traders choosing to trade this non-renewable resource. Many brokerages give their clients the opportunity to trade CFDs on WTI crude oil , enabling traders to take long or short positions on the commodity’s fluctuating price. If you would like to learn more about WTI crude oil trading and the brokerages that offer the best trading conditions, we suggest you keep reading. The trading crude oil futures market is pricing in a potential supply disruption scenario, with Brent-WTI spreads widening to $4.
