Oil prices stay high as reopenings across Europe raise expectations of demand recovery.
WTI is currently hovering under March’s peak at 67.90, a critical supply area where stiff pressure can be expected from profit-taking and fresh shorting.
The price is likely to go sideways in the short term to build up momentum. The RSI has returned to the neutrality zone. A rebound from the area near 64.30 would suggest solid support.
Further down, 63.30 is critical in safeguarding the current uptrend.
