WTI oil broke above psychological $72 barrier and hit new high at $72.15 (the highest since Nov 2014) on Thursday.
Persisting geopolitical tension keep oil price supported with fall in US crude stocks (EIA report on Wednesday) adding to bullish sentiment.
The global oil market is expected to remain tight despite forecasts for lower global oil demand and rising US shale oil production.
Fresh bullish extension eyes Fibo projections at $72.48/85 as initial targets but oil price could rise further and attack barriers at $74.94 (Oct 2011 low) and $76.35 (Fibo 61.8% of 107.45/$26.04 fall) in extension.
Rising 10SMA continues to track the advance and offers solid support (currently at $70.86) which is expected to contain dips.
Res: 72.15, 72.48, 72.85, 73.09
Sup: 71.86, 71.48, 70.86, 70.25
