WTI crude is testing waters of yet another breakout as price climbs up over 2% to $85.60, its highest since October 2014.
If buyers can keep a hold above $85 and the October and November 2019 highs, that could set off the next leg higher for oil - one that may be difficult to really pick a top. Looking at the chart:
There really isn't much resistance standing in the way of prices heading back towards $100 next.
As mentioned earlier though, I doubt we will see such a major extension after already experiencing four straight weeks of gains but it is tough to go against the technicals. There might be room to pause for breath moving forward but if the breakout stays in shape, it stands to reason that triple-digit oil prices is a question of when and not if this year.
