US Oil Awaits Breakout

WTI crude found support from a larger-than-expected decline in US inventories. Price action saw active buying above 66.00, keeping the early December rally valid in the process.

The latest rebound is testing the supply zone around 73.30, which sits along the 30-day moving average. A close above this area of interest would force the bears to cover, paving the way for a rally towards 78.00.

On the downside, 71.00 is the immediate support. And 68.50 is a second line of defense in case of a deeper correction.

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