WTI Crude oil prices posted modest gains on Tuesday. The gains came on the back of the American Petroleum Institute’s weekly inventory report. API reported a drawdown of 8.129 million barrels for the week ending July 4th. This was a bigger than expected draw. WTI Crude oil prices jumped 1.35% on Tuesday.
Will Oil Prices Trend Higher?
As oil prices reclaimed the support/resistance area of 57.50, the bias is looking to the upside. The bearish flag pattern is starting to be invalidated on the evolving price action. The upside target is now back to the 60.00 handle that was previously tested. Oil prices will need to break past this level to continue maintaining the upside trend.