WTI crude rallied after the EIA showed a drop in the US inventories.
Price action continues on its upward journey after it bounced off May’s low at 62.00. A bullish RSI divergence at that major support suggested that the selling pressure was fading.
The rally above 67.40 is a confirmation that buyers have taken over. 69.50 is the hurdle ahead and a breakout may end a seven-week long consolidation and resume the uptrend.
An overbought RSI may trigger a limited pullback. 65.70 would be the first support in that case.
