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US oil has jumped more than 13% from low of $50.51 on account easing US-China trade tensions will increase the demand for crude oil. The commodity hits high of $57.43 and is currently trading around $56.41.
The WTI crude oil has lost more than $1 after an unexpected jump in API crude oil inventory by 3.7 million barrels for the week ended Aug 9 and markets eye US EIA inventory data which is to be released today for further direction.
Technically the commodity is holding above 200- day MA at $56.30 and any daily close above will take the WTI crude till $57.50/$58.79. Any major trend reversal can be seen only above $60.90.
On the flip side, near term support is around $54.70-455 and any convincing break below targets $53.58/$53. Bearish continuation only below $50.50.
It is good to buy on dips around $54.85-95 with SL around $53.55 for the TP of $58.65.
