WTI Oil Rally for the Seventh Straight Week on Geopolitical Tensions and Supply Fears

Technical analysis of Forex market

WTI oil price surged through round-figure $90 resistance and hit new seven-year high above $92 per barrel on Friday.

Geopolitical tensions over Ukraine and a winter storm in the United States fueled concerns about supply disruptions and continue to inflate oil prices for the seventh consecutive week, when the price advanced over $20 or nearly 32%.

Analysts see a test of psychological $100 barrier in the short term as likely scenario, with growing fears about potential war in Ukraine being one of the top concerns in 2022.

Bulls so far ignore overbought conditions on daily and weekly chart, but some corrective action should be expected before attack at $100 barrier, with dips expected to offer better buying opportunities.

Res: 92.94; 93.48; 95.89; 98.65.
Sup: 91.00; 90.04; 88.81; 87.76.