WTI crude nears the April high

Oil is sizzling

If you like uptrends, you’re going to want to have look at the oil chart. It’s been making a series of higher lows and higher highs after bottoming in mid-June.

Today it’s up 84-cents and threatening April’s high of $53.76.

There is still some work to do if it can get above the April high, with resistance levels stretching up to $55.24 but the picture is looking intriguing.

The catalyst for the latest gain was a comment yesterday from a Saudi official talking about extending the OPEC cuts.

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