USOIL chart - Trading View
West Texas Intermediate crude (WTI) is extending marginal gains on the day as price action consolidates near multi-month highs.
OPEC+ agreed to continue a slow easing of supply curbs in their meeting on Tuesday. They will meet again on July 1 to assess the market situation.
The group's cautious return to market, notwithstanding a likely return of Iranian production sounded a bullish note on the global oil demand recovery.
US oil was extending gains for the 3rd straight session. GMMA indicator shows major and minor trend are strongly bullish.
The Organisation for Economic Cooperation and Development (OECD) expects the global economy to grow by 5.8% (revised higher from the earlier 5.6%).
Robust global growth outlook fuels the energy demand. Crude oil prices have jumped more than 30% in the year.
Oil prices are on track to test 200-month MA at $69.88. Breakout above 200-month MA will propel prices higher.
