WTI crude oil has rallied back after the US EIA reported falling inventories. After a four-week-long consolidation, the latest surge above 62.10 suggests that buyers may have retaken control of the price action.
64.80 from last month’s sell-off is a key resistance to lift if the bulls expect to turn the sentiment around once for all.
In the meantime, profit-takings driven by an overbought RSI may lead to a brief retracement.
The psychological level of 61.00 would be the support to keep an eye on.
