Oil prices rallied after the IEA said global demand may return to pre-pandemic levels sooner than expected.
Brent crude continues to climb along rising moving averages. The rally has sped up after 71.30 turned from resistance into key support.
April 2019’s high at 75.50 would be the next target with little opposition ahead.
An overbought RSI may however lead to a brief pullback. The moving averages are the first line of support.
Otherwise, 71.80 would be a critical level to keep the short-term optimism intact.
