WTI maintains strong gains for a second day

WTI crude oil prices are rising higher for a second day. Prices rose over 16% into Friday’s close, led by the optimism of an OPEC supply cut.

At the time of writing, WTI crude oil prices are trading near the resistance level of 28.00.

If this level cannot be cleared, we expect prices to drift back into range.

However, the floor at 22.00 looks to be solidly in place for the moment. This will mean that oil prices have likely formed a bottom.