Brent crude ticked up after data showed oil imports into China surged 21% in March. The price action remains range-bound however for lack of a major catalyst.
The narrowing consolidation is a sign of the market’s indecision and a breakout is bound to happen soon.
A bearish MA cross on the daily chart may weigh on the sentiment but as long as 61.20 holds firm as support, there is a chance of a rebound.
On the upside, a rise above 65.15 could extend the rally towards 68.
