USOIL chart - Trading View
WTI Crude Oil prices hit fresh 13-month high at $62.25 before paring some gains to trade at $61.23 at around 10:15 GMT.
A bigger-than-expected draw in the US crude oil inventories published by the American Petroleum Institute (API) overnight intensified the supply concerns, adding upside support.
According to the latest data published by API, US crude oil stocks dropped by 5.8 million barrels in the week to Feb. 12 vs. expectations for a draw of 2.4 million barrels.
Also, Texas deep freeze-led output drop and broad-based U.S. dollar weakness extend support.
On the other side, reports that OPEC+ nations could ease oil supply restrictions from April, in the wake of the recovery in prices, will keep gains in check.
Technical indicators support upside. Price has broken major resistance levels and is trading above 110 month EMA for the first time since Jan 2020.
Focus now on U.S. Energy Information Administration (EIA) weekly crude stockpiles data for fresh trading directives.
