USOIL chart - Trading View
West Texas Intermediate (WTI) was trading 0.47% higher on the day at $70.41 at around 09:45 GMT.
Oil prices buoyed after positive comments from the International Energy Agency (IEA) in its latest monthly oil market report published on Friday.
The IEA said that the Global oil demand is likely to surpass pre-pandemic levels by end-2022. It said that oil demand is set to rise 5.4 mln bpd in 2021 and a further 3.1 mln bpd in 2022.
IEA added that the OPEC+ needs to open the taps to keep world oil markets adequately supplied.
Upbeat comments from the IEA keep oil markets buoyed. Technical indicators are bullish. The pair has edged above major resistance at 200-month MA at 69.89.
Oil prices are extending bull run for the 3rd straight month. Close above 200-month MA will open upside. Next major bull target lies at 75.38 (Upper M BB).
