February is historically the best month for WTI crude but it didn’t start that way with oil prices falling $1 on the first day of trading this week. Since then, however, crude has climbed steadily and today oil was as much as $1.50 higher at a one-month high of $98.83.
In the last three hours, crude has given back about half the gains but remains up 75 cents on the day.
Technically, the push higher resolved a wedge formation over the past 10 days and knocks out the 100-day moving average. The next main line of resistance is the 200-day moving avg at 99.34.
WTI crude oil daily