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Moving Averages: WTI Crude Oil Prices Could Trend Higher

Gordon Kristopher
Moving Averages: WTI Crude Oil Prices Could Trend Higher

July WTI crude oil futures were trading above their 50-day, 100-day, and 200-day moving averages on May 25. The charts suggest that the prices could trend higher. New sanctions on Iran and Venezuela, unexpected supply outages, and a decline in OECD oil inventories could support oil prices in the next few months.