Crude Oil Reaches Technical Resistance (USO)

Crude Oil and the United States Oil Fund (NYSE: USO) are continuing to break to the upside as investors are seeing strong demand due to colder than normal temperatures in the United States

According to The National Weather Service (NOAA), the 6 to 10 day forecast projects colder than normal and much colder than normal temperatures in the eastern half of the United States.

This morning, WTI crude oil is up more than $2 dollars per barrel and is pressing on weekly resistance at $81.30 a barrel. A weekly break of this resistance level could create a technical push to $100 dollars a barrel.

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Posted in: World News