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USOIL chart - Trading View
Prices of the West Texas Intermediate have been edging higher during the week on renewed optimism around the economic recovery post China data.
Both the OPEC and the IEA revised up their forecasts for crude oil demand for the current year adding to the gains.
EIA inventories data on Wednesday showed US crude oil inventories during last week dropped nearly 6 million barrels, in sync with the weekly drop reported by the API late on Tuesday.
Pullback in oil prices have held support at daily cloud and are showing signs of upside resumption.
Momentum studies are bullish, volatility is high and rising. GMMA indicator shows major and minor trend are bullish.
Scope for test of 200-month MA at 69.71. Bullish invalidation only below daily cloud.