USOIL chart - Trading View
West Texas Intermediate (WTI) was extending range trade for the 2nd straight session, outlook remains bullish.
Traders remain wary and refrain from placing any aggressive bets with OPEC+ talks extending into Monday after UAE objected proposed output deal.
UAE objected to a consensus reached by the rest of the OPEC+ members to increase oil output by about 2 million barrels a day (bpd) from August to December 2021.
Downside in US oil remains cushioned amid weakness in the US dollar, as investors rethink the Fed’s next monetary policy moves after Friday’s NFP blowout.
Technical analysis shows momentum is bullish. Volatility is high and is likely to push prices higher.
Close above 200-month MA in the previous month has opened further upside in the pair. Next major bull target lies at 76.88 (Oct 2018 high).
