WTI is nearing the 61.8% retracement
Oil retested the 200-day moving average today and it held. Crude has overcome a surprisingly large US inventory build this week to rise more than 5% in a bull market that's raged since the start of the year.
It faces a tough task with the 61.8% retracement at $63.71 coming up next.
Brent has also pushed further above $70 to hit $70.36. I thought that level would trigger some selling from hedgers but the effect has been minimal so far.
The big story today is apprehension about Libya after a renegade leader ordered an advance on Tripoli. That came after peace talks broke down and UN chief Guterres left the countries.
More on the looming military showdown.
