WTI crude tumbled after the EIA reported only a slight decrease in stockpiles.
Sentiment has shifted to the bullish side after a recovery above the daily resistance at 69.50. The sideways action has allowed buyers to hold onto recent gains.
The RSI’s double-dip in the oversold area has soaked up bids with 67.20 as fresh support.
If the bulls succeed in lifting the hurdle at 70.50, 74.10 could be the next target when momentum makes its return. 65.40 would be the second line of defense in case of a pullback.
