Sunday, February 26, 2012

What's Next For WTI Crude Oil?

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ITZ has been bullish on the commodity sector for sometime, WTI crude oil has broken out and now nearing the $110 targeted level from last year. There is some debate as to the current spike being driven by the Iranian tensions, but crude oil has been in a longer term rising channel since January 2009. We should see a minor pullback, perhaps a throwback to $103, but that should be bought. ITZ believes that U.S. economic recovery is underway along with rising global demand from China needing more and more energy.

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