Oil price was closed higher in Monday, as supply disruption in Canada and Nigeria remains. WTI was closed at $49.69 in Nymex, which was the highest closing price since July 21 last year.
Some correction occurs in Monday after Janet Yellen said that it is still possible for the Federal Open Market Committee to raise its interest rate in their meeting this month. WTI pared gain about 1.4% last week since OPEC members failed to reach agreement to freeze production. Weak US non-farm payrolls also weighed oil price because it worsened the outlook of energy demand.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.