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Crude Oil Retreats From 60.92

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WTI crude oil prices are giving back the gains after prices touched a new 13-month high earlier this week.

The declines come after prices fell to fill the gap from last Friday at 59.55. With most of the intraday declines already pulling back, the upside could resume.

The fundamentals remain bullish for oil markets especially with the cold winter in the US. This could see oil prices likely to test the 61.00 level next to the upside.

Any corrections could likely stall near the 57.35 level for the moment. Establishing support here could also further strengthen the potential for more gains.

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