In positive news for crude oil, China lifted the quotas on crude oil imports. The lifting of the quotas means that China can now import an additional 12.9 million tonnes of crude oil this year.
The import of the crude oil quotas for China stands at 153.1 million tonnes to date. Oil prices did not react much to the news.
Can WTI Break the Technical Resistance?
The commodity was once again testing the resistance area of the 54.71 – 54.35 region. This marks a second retest of the resistance level.
A convincing breakout above this resistance level will see the upside momentum building up. A successful breakout will confirm the upside in WTI crude oil towards 57.64 level.
