WTI is up by 0.48% on the day as geopolitical tensions continue to underpin the commodity
Oil managed a daily close above the year's high of $66.66 as tensions in Syria gave WTI a key boost to the upside in yesterday's trade.
The break of the year's high is significant as it opens up the way for further move to the upside given that price has now broken out of the wedge that was being formed.
And as long as geopolitical tensions - especially in the Middle East - continues to linger, it'll help to underpin oil prices further in the coming days.
So, what's next after the break of $66.66?
Looking at the bigger picture, the jump in the last few days sees WTI looking poised to post a monthly close above the 200-month MA (blue line). That will be the key level to look out for as it has failed to get above that level since 2014.
Any further move to the upside beyond that will be met by resistance at psychological levels in my view - such as the $70 figure level.
But as much as I'd like to believe that oil prices can continue to sustain a move higher, geopolitical tensions won't go on forever and eventually the natural order of things should find its way back into the price of oil.
However, for now, you can't discount how much higher Middle East tensions can actually help to boost oil prices.
