WTI (60.09) WTI’S fall from the 2014 high of 107.65 is complete at the 2015 low of 26.03 as December 2017 prices opened above the 38.2 of the 107.65-26.03 fall at 57.21 and closed bid in December thus confirming further price rise is now underway to 66.84 next target. In that next target 66.84 represents the 50% of the 107.65-26.03 fall as well as the 200 month simple moving average, expect offers at this level initially to move prices lower though bids ahead of 57.21 will support further rise and breakout above 66.84 to 76.47.
Look for a daily, weekly and monthly open and higher close above 66.84 to confirm prices continuing higher to 76.47. Additionally, crude oil inventories have been in deficit for most of 2017 and throughout the early winter of 2017 as continued deficit during seasonal low demand would witness risk of a dramatic rise in prices throughout 2018 supported primarily by emerging market demand. For 2018, look for prices to reach 76.47 in the first half of 2018 as a monthly open and higher close above 76.47 will confirm further rise underway to 88.39 while bids in the $46-57 zone support.