USOIL chart - Trading View
Oil prices rose on Wednesday as Gulf of Mexico producers made slow progress in rebuilding output after devastating Hurricane Ida.
Gains however, were capped by a stronger dollar and amid demand concerns arising from the impact of rising coronavirus infections.
Brent was up 1.37%, at $72.51 a barrel, at 1250 GMT, and U.S. West Texas Intermediate (WTI) crude rose 1.42%, to $69.29 a barrel.
WTI has paused downside after 3 consecutive days of declines, finds strong support at 21-EMA at 68.39.
Investors await API crude oil inventories data to determine further direction. Breakout of cloud required for upside continuation.
Break below 21-EMA will see dip till 110-EMA at 66.94. Breach at 110-EMA support will plummet prices further.
