WTI crude trades up by 1.7% to $61
The tail-end of Asian trading saw oil fall 1% in a drop to $59.11 but price has rebounded to the highs for the day as risk trades are faring better in the wake of lower Treasury yields.
Drilling down to the near-term chart:
Sellers are still in near-term control after the plunge yesterday but we are seeing buyers keep above $60 for now and pushing above the 38.2 retracement level @ $60.73. That puts the 50.0 retracement level @ $61.51 as the next near-term resistance point.
