WTI crude climbed after the International Energy Agency said demand would outpace supply.
The price action has kept its bullish bias after it bounced back from the demand zone around 64.00 which lies on the 20-day moving average. A close above the previous peak at 66.60 would prompt more buyers to join the rally.
Last March’s high at 67.90 would be the next target and its clearance may send the price towards 70s. On the downside, the previous resistance at 64.90 has turned into a support.
