WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips)

WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips) – crude oil prices entered a brief consolidation after hitting a key chart resistance level at US$ 46.30.

WTI Oil traders appear to be defensive as sentiment turned sour after the US saw surging viral cases after the Thanksgiving holiday break. California reported a 69% surge in Covid-linked ICU cases alongside climbing hospitalizations over the past two weeks. Illinois and New York also recorded a bump in cases. The ascending trend of US coronavirus infections showed no sign of abating (chart below) and may result in an extension of lockdown measures leading into the Christmas holiday season.

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