Oil prices jumped after the IEA raised its global oil demand growth forecast. WTI crude continues to grind its way up after it reached a seven-year high.
The RSI has returned to the neutrality area and a short-lived retracement met strong buying interest above 78.70. The bulls may raise volatility once again if they succeed in pushing back above the psychological tag of 82.00.
A newly overbought RSI may temporarily restrain the momentum. On the downside, a breakout could trigger a correction to 75.50.
