USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil was trading 2.43% higher on the day at $68.02 at around 11:35 GMT.
Price action has paused downside with a Doji formation on the daily candle and is attempting retrace above daily cloud.
An unexpected build in the US crude stockpiles reported by the American Petroleum Institute (API) on Tuesday kept prices subdued.
The API report showed US crude stocks rose by 806,000 barrels for the week ended July 16 vs. expectations of a fall of about 4.5 million barrels.
A fresh risk-on wave that gripped the European markets along with US dollar pullback is lending support to oil prices.
Technical bias is neutral. Bounce off 110-EMA support with Doji on the previous session's candle raises scope for upside.
Retrace above cloud could see more bullishness. Break above 55-EMA negates any further downside.
Traders focus on the Energy Information Administration (EIA) US crude inventories report for impetus.
