Crude Oil Price News and Forecast: Rising channel favors further upside for WTI

WTI flashes fresh 14-week top following surprise API draw, geopolitical catalysts

WTI takes the bids to $61.80 by the press time of early Friday morning in Asia. The energy benchmark cheers the nearness to the signing of the phase-one deal between the US and China whereas surprise draw in API inventories and other geopolitical tensions add to the upside.

EIA data, Baker Hughes US Oil Rig Counts are in the spotlight.

WTI Technical Analysis: Rising channel favors further upside

WTI follows a short-term bullish chart formation while rising to $61.88 during early Friday. In doing so, the black gold ignores the overbought conditions of the 14-bar Relative Strength Index (RSI).

During the energy benchmark’s sustained rise, the resistance line of the fortnight-old ascending trend channel, at $62.60, can entertain the Bulls ahead of the September month high near $63.13.

USD/IDR Technical Analysis: 50-month MA support could be tested

USD/IDR is looking south and appears on track to test key long-term support for the first time since July 2012 The daily chart is reporting a contract

EUR/JPY Technical Analysis: Positive beyond 200-DMA

EUR/JPY takes the bids to 121.80 during the pre-European session on Friday. The pair recently bounced off 200-SMA and 50% Fibonacci retracement.