WTI Holds Firm But Remains Below 100-Day SMA
WTI crude stayed supported on Tuesday after a nearly 3% jump, while stalled progress on reopening the Strait of Hormuz preserved a geopolitical risk premium.
WTI
West Texas Intermediate held firm on Tuesday after gaining almost 3% in the previous session. The lack of progress toward reopening the Strait of Hormuz continues to keep a geopolitical risk premium in energy prices.
Despite the bounce, the technical setup remains restrained. Weak trend strength is keeping WTI below its 100-day simple moving average, according to the report.
Source: FXStreet Forex News