USOIL chart - Trading View
WTI hits fresh multi-month highs above $71.00 mark before paring some gains to trade $71.59 at around 12:45 GMT.
Oil prices are on a bull run for the 3rd straight month. Price action has broken above 200-month MA, raising scope for further upside.
Technical indicators are strongly bullish. Momentum with the bulls and volatility is high, scope for further gains.
Oil traders await American Petroleum Institute’s (API) weekly crude stockpiles data for fresh near-term trading opportunities in the commodity.
Oil prices largely ignore comments from Glencore. Head of Oil at Glencore, Anglo-Swiss multinational commodity trading and mining company said that the return of Iranian oil to markets already priced in.
Break above 200-month MA has buoyed bulls. Scope for test of 2018 highs at $76.88. Bullish invalidation only on retrace below 200-month MA.
