(Bloomberg) -- Crude oil is on track to reach $90 a barrel in New York providing that prices remain above $75, according to technical analysis by Commerzbank AG.
Oil for December delivery is trading around $79 a barrel on the New York Mercantile Exchange today, having climbed to a one- year high of $82 on Oct. 21. The advance may continue to $90, Commerzbank said in a report. The number is an important level using so-called Fibonacci analysis, as it was at the start of oil’s slump toward a four-year low at the end of last year, according to the bank.
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