USOIL chart - Trading View
WTI Crude Oil was trading 1.42% higher on the day at 66.33 at around 14:00 GMT, extending previous session's gains.
Price was buoyed after the International Energy Agency (IEA) said in its latest monthly oil market report published on Wednesday that demand recovery will outpace growth in supply.
Price action has bounced off 21-EMA support, technical indicators show the pair is poised for further gains.
Pullback has held cloud support. Momentum studies are bullish. Volatility is rising as evidenced by widening Bollinger bands.
Oil price is on track to test fresh yearly highs. Next immediate bull target lies at 67.94 (2021 high). Break above will see test of 200-month MA at 69.80.
