Brent Crude versus WTI Light Crude Oil

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Brent Crude Oil closed today at 123.62, as shown on the Daily chart below.


WTI Light Crude Oil closed today at 108.54, as shown on the Daily chart below.

The Daily comparison chart of Brent to WTI Oil below shows that Brent has been declining against WTI since early in February of this year.

The percentage comparison chart of Brent to WTI Oil below shows that, during this same one-year timeperiod, Brent has gained more overall in percentage than WTI.

Beginning on February 6th, WTI crossed above Brent Oil and has gained the most in percentage to date, as shown on the percentage comparison chart below, indicating a surge in interest in WTI.

Conclusions:

  • Brent Oil is trading at/just above major resistance
  • WTI Oil is nearing minor resistance around 110.00 and major resistance around 115.00
  • Brent:WTI recovered from a lower open and closed at a major support/resistance level today (1.14)…the next support level is 1.12, then 1.10
  • inasmuch as Brent may have topped out/be topping out, it will be interesting to see whether WTI continues to rise and at what pace compared to Brent…ones to watch over the next days/weeks 

 

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