US Oil Breaks to New High

Oil climbed amid fears of disruption as tensions between Russia and the West grew.

After a short-lived pause, WTI crude saw bids near a previous low at 82.00 which lies on the 20-day moving average. A break above the January peak at 87.80 indicates solid interest in keeping the rally in shape.

As the bulls’ run continued, more trend-followers would push the price to 89.00. An overbought RSI temporarily restrained the fever, and buyers could see a pullback towards 85.00 as an opportunity.