WTI crude oil climbs above $80 for the first time in a week

The rise in oil prices has compounded the problems in the bond market today and conspired to help lift USD/JPY. It’s up $2.44 to $80.16 in its largest gain since February.

The thing is: This move is hard to pin down. The OPEC decision is on Sunday and there have been plenty of leaks and there’s a decent consensus that cuts will be prolonged but that’s hardly a sure thing, and nothing new.

There has been some technical buying but that trendline isn’t a critical one and the May high of $80.60 still stands in the way. Overall, I have a hard time believing in whatever the oil market is trying to sell today.

This article was written by Adam Button at www.forexlive.com.