WTI crude recouped losses after the US inventory showed a deficit last week.
Strong buying interest on the daily support line at 65.30 has initiated a rebound. However, a bearish MA cross on the daily chart may have tempered the bullish mood.
The bulls will need to lift the psychological level of 70.00 as a show of strength. Then they may have a chance to grind past 74 and preserve the rally.
Failing that, a break below the said support may trigger a bearish reversal towards last May’s low at 61.50.
