USOIL chart - Trading View
West Texas Intermediate (WTI) was trading in a tight range, with session high at 72.08 and low at 71.49.
Oil price's swift recovery from multi-week lows at 65.11 hit on 20th July seems to have lost traction.
The pair hovers around 21-EMA resistance at 71.59, and decisive break above will fuel further gains.
Data from the US showed that crude oil inventories increased by 2.1 million barrels in the week ending July 16, compared to market expectation for a decline of 4.4 million barrels.
Focus later in the day, will be on the Baker Hughes Energy Services which will release the weekly US Oil Rig Count data.
Price action has bounced off lows with a Doji on 20th July, and has edged above 200H MA, raising scope for further gains.
Immediate resistance is at 20-DMA at 72.58. Break above will see further upside. Next major bull target lies at 87.67 (Rising trendline).
