Wednesday, February 22, 2012

WTI Crude Oil Update 2-22-12

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ITZ noted that WTI crude oil had broken out and was heading towards the $116 level. Back in November 2011 ITZ posted a chart showing POST... WTI/Gold directional movements, this chart has been posted several times on this blog over the last few years. Not a precise and accurate timing metric, however, it is just another tool ITZ uses in gauging oil's direction. Below is an up to date chart. Depending on how the Iranian situation develops, most likely things could improve near term with WTI crude dropping back under $100 a barrel. Depending on how gold does in the coming weeks, should it break above $1800 resistance. Then ITZ believes that WTI crude will follow target $116, perhaps higher.

click on chart to expand image

Ann Cameron, BNP Paribas, explains why investors should pay more attention to brent crude.

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