West Texas Intermediate (WTI) oil prices mixed as U.S. dollar climbs – Will the 65-dollar level contain the bulls?

February 26, 2021 - 2 months ago
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West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices, were mixed on Friday as the U.S. dollar rebounded once again this week, while expectations increased on oil prices will eventually be back above pre-pandemic levels.

Despite a minor pullback in oil prices, WTI is on track for gains of roughly 20% this month.

Sentiment has been bullish on the back of the loss of refinery demand after several Gulf Coast facilities were closed during the artic snap last week.

Eyes now turn to U.S. energy services firm Baker Hughes closely followed report on Friday.

At present, the upside views a potential target of $65.00-25 before any bearish reversal.

Conversely, a New York close beneath $60.60-65 should give a bearish call to $57.00-25. Reassess from there.

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