U.S. crude oil futures might be showing signs of a break out after topping $80 this week, though some analysts caution against reading too much into the move.
The move higher came after the International Energy Agency forecast a crude supply deficit this year and Ukraine attacked several oil refineries in Russia.
U.S. crude performed the same pattern this week, wiping out and closing above last week's intraday high of $80.67.
U.S. crude has also held above its 200-day moving average of $78.13 a barrel almost all month, he said.
As the market enters a supply deficit this year, Riyadh could start rolling barrels back on the market, Melek said.
Persons:
Matt Maley, Miller, Tom Fitzpatrick, R.J, O'Brien, WTI, Brent, Fitzpatrick, Maley, Malley, Bart Melek, Melek, We're, Carter Worth, It's, it's, Worth
Organizations:
West Texas Intermediate, International Energy Agency, SPDR, Energy, TD Securities, U.S, Worth
Locations:
Ukraine, Russia, Saudi Arabia, Saudi, Riyadh, U.S, United States