USOIL chart - Trading View
West Texas Intermediate (WTI) was extending Friday's gains as prices were trading 0.82% higher at $66.01 at around 15:30 GMT.
Oil price were set to extend gains for the 4th straight week, bulls likely to target 200-month MA at 69.80.
Saudi Arabia announced on Monday that oil products exports in March fell 0.121 million barrels per day to 1.109 million barrels per day.
The Colonial Pipeline recovered from last week's cyberattack and eased concerns over supply shortages, will likely limit WTI's upside.
That said, technical bias is bullish. GMMA indicator shows major and minor trend are strongly bullish.
After a brief pullback in the month of March, oil prices have resume uptrend and are on track to test 200-month MA at 69.80
Later in the week, the U.S. API's and the EIA's weekly crude oil stock data will be looked upon for fresh impetus.
