Crude oil futures continued to trade in a tight range once again yesterday, with the March contract moving between $96.77 to the downside and $97.71 to the upside, before closing at $97.31. This price action mirrored that of earlier in the week with oil range bound between $95 per barrel to the downside and $98.20 to the upside.
So far in today’s Globex session the oil price has moved marginally lower to trade at $96.65 at time time of writing. The current consolidation phase for oil has extended from mid January, as the market prepares for a further run towards the psychological $100 per barrel region.
However, for this to happen the upper resistance level at $98.20 is now key and needs to be breached for this price point to be achieved. Moving to the indicators, the heat map remains firmly bullish and with buying volumes both consistent and steady in both time frames the outlook for oil remains firmly positive in the medium term.
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