24.11 - WTI rises to the fresh high since August 31
- by George Solotarov
WTI refreshes multi-day high, marked earlier in Asia, while rising to $43.65, up 1.67% on a day, ahead of Tuesday’s European session opening. That said, the energy benchmark prints a seven-day winning streak to attack August month’s top. Welcome prints of the November month’s preliminary activity numbers from the US seem to have helped the black gold to remain positive the previous day. However, the commodity’s recent optimism takes clues from US President-elect Joe Biden’s nearness to the White House as Donald Trump concedes defeat, hesitantly though.
The August month’s peak and February low, respectively near $43.85 and $43.95, offer immediate resistance to the energy benchmark targeting $44.00. Though, any further upside won’t refrain from challenging March’s top near $48.75.