Oil prices continue to recoup previous losses as traders bet on tightening supply.
WTI’s swift recovery above 71.10 is an encouraging sign that buyers are still hanging around. Following the breakout, 70.10 has established itself as fresh support.
The RSI has dropped back to the neutrality area and the bulls may have the last word if the support holds tight. Otherwise, price action could be seeing 66.00 sooner than expected.
On the upside, 74.70 is the key resistance to clear before the bullish trend could carry on.
