Mon, May 16, 2022 @ 17:55 GMT
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US Oil Continues Upward

WTI crude climbed higher after a larger-than-expected fall in US inventories. A close above the daily resistance at 79.00 was a strong bullish sign.

Following a brief pause, the rally accelerated above 80.40. Sentiment remains upbeat and the bulls are keen to buy the dip during a pullback. A breach above 82.20 would clear the path to the peak at 85.00.

An overbought RSI may cause a temporary retreat. In that case, trend-followers could be looking to jump in near the closest support at 81.20.

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