Oil’s rise and fall remains directly linked to concerns over any supply disruptions stemming from the war in Ukraine. On Thursday, Joe Biden is set to attend a NATO meeting in Brussels which will discuss how (and if) Europe can feasibly embargo Russian oil. And that leaves oil at the mercy of headline risk over the foreseeable future.
Right now, we have seen momentum turn higher on WTI, although it is now hovering within a band of resistance between the 2011 to 2013 highs. In today’s video we take a look at WTI futures, and discuss levels on XOP (an ETF of the SPDR S&P 500 oil and gas explorers and producers) and XOM (Exxon Mobil Corp).
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