WTI crude oil gained momentum after EIA data showed a sharp reduction in US inventories.
The bullish momentum has accelerated following a breakout above the intermediate resistance level at 64.3. The previous high at 66.40 would be next as sentiment turns around.
There is limited risk to the downside as the RSI shows a double top in the overbought area. The 20-hour moving average has acted as support and may do so in case of another retracement.
Failing that, 63.60 would be the second line of defense.
