Protests in Iran still ongoing, giving a boost to oil prices
WTI crude broke out out its trading wedge in late December after a Libyan pipeline was damaged, and that sent prices soaring to close to $60.00 per barrel.
Today, the commodity is extending gains as it hits a high of $60.74 - highest level since June 2015. Protests in Iran are continuing, and the unrest is helping to keep oil prices underpinned on the day.
On the daily chart, the break away from the wedge sees no near-term resistance for WTI crude.
But looking at the monthly chart, the May 2015 high of $62.58 is the next level of resistance to look out for - followed by the 200-month MA (blue line) at $65.09.
The surge in oil prices in the second half of 2017 will surely provide some relief to OPEC, but that doesn't mean they can be complacent with regards to the deal on production cuts. OPEC will meet in Vienna to discuss on said matters on 22 June.
