The WTI oil price chart has gained significant momentum this week. Currently the oil price analysis shows July futures trading at the mark of $36.07. Thus, the oil chart reflected an increase of a total of 1.30% this Wednesday. And there’s a fairly strong indication that the oil price chart analysis may storm $40.
In fact, this would be the bullish scenario, in which oil prices would steadily keep above $36.07. And if the oil chart analysis manages to push beyond $38.18, indicating a strong presence of buyers, then the next milestone on the oil price analysis would be $40.50.
In the event of a bearish scenario, however, the oil price may reach as low as $34.66. But one thing is for sure: the oil price 2020 will largely be determined by the way traders react today to the 50% level of $36.07.
Watch our full oil analysis to see where this current tendency may lead us in the weeks to come and how the oil price today will continue to develop.
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