USOIL chart - Trading View
West Texas Intermediate crude oil price refresh monthly highs as the price extends Friday’s upbeat performance.
US crude oil was trading 1.42% higher on the day at $70.55 at around 09:50 GMT, while UK crude was up 1.18% at $73.72.
Oil benchmarks buoyed on news of improving geopolitical tensions between Iran and North Korea.
Scope for a potential deal with Iran after International Atomic Energy Agency (IAEA) Chief Rafael Grossi's recent visit to Tehran keeps sentiment positive.
Progress in US-China talks and vaccine optimism keep buyers hopeful of demand resumption and hence support prices.
Momentum is bullish, oscillators are biased higher. Volatility is high and rising. Scope for upside continuation.
Oil price is showing signs of break out of range trade. Daily cloud is stiff resistance at 71.03. Watch out for break above for further gains.
