Crude oil (WTI) is trading around $96.91, bouncing back after hitting a low of around $91.00. It is likely to continue rising in the coming days and could reach the psychological level of $100; it could even reach $112.50, around the +1/8 Murray level.
Crude oil is consolidating around the 61.8% Fibonacci level, so a technical correction below $100 is realistic, with the price potentially reaching the 7/8 Murray level around $87.50.
A decisive break above the 8/8 Murray level could change the outlook for crude oil, and WTI is expected to reach $105 per barrel and could even reach $112.50 per barrel. If this level is surpassed, it is expected to reach a high of $120.00.
The Eagle indicator is showing negative signals, so crude oil is expected to deal with downward pressure below the psychological $100 level in the coming days.
A drop below $87.00 could favor the bearish scenario, and crude oil is expected to close the gap left around $67.40 on February 27.
