Crude oil price spiked by as much as 19.5% as the markets reopened after the weekend attacks on Saudi Arabia’s biggest refinery.
Crude oil price is seen consolidating the recent up move to two-week highs of $ 58.58, as the bulls take a breather ahead of EIA report.
Crude oil price surges during yesterday’s session and continues to do so this morning, adding more than 1.62% to its value as it broke above the $57 level.
In today's crude oil price forecast, WTI extends the consolidation theme between $56.00 a barrel and 57.00 resistance.
After closing at $51 on Wednesday, marking the lowest recorded closing price since January 8th, crude oil price resumes upward trend above $52.5.
The upbeat sentiment around Crude oil remains unabated so far this week, lifting prices of the barrel of WTI beyond the 64 handle.