This week, the price of a barrel of oil reached the highest quote levels of the last 3 years, namely the maximum price levels from 2015. American WTI oil costs around 60$ per barrel, while the European one is at 66$.
We remind you that after the highs (107$ and 115$) of 2014, prices collapsed for a year and a half down to 27$! And from the beginning of 2016 until now, oil has shown an upward trend of more than 100%.
We want to point out that from the perspective of chart analysis, the 2015 high is a fairly important threshold from which the chart may generate a downward correction. But if we pass it, then the next resistance level for WTI is at 75$-80$, and for Brent it is the 85$-90$ area. In such a development, it is obvious that we will also wake up to fuel price increases next year.
