Oil prices firmed up in recent weeks, but held back from key resistance points—roughly $60 per barrel for Brent, and around $55 per barrel for WTI. Oil traders were reluctant to test the upper limits of the “ shale band ” at $60, a threshold that has repeatedly forced traders to liquidate their bullish bets or get burned. Top analysts argue that it would take something really significant to allow oil to break above $60. (Click to enlarge) It remains to be seen if we are at that moment. But Brent moved up above $60 on Friday and held onto the gains during midday trading on Monday, a tentative sign that the oil market might be flirting with a new, higher range. The proximate cause for the suddenly higher price is a series of comments from top OPEC and Russian officials last week, pointing to cohesion around another extension […]