WTI oil resumes recent up trend after brief consolidation and hits as high as 62.70 so far in Asian session. It’s believed that restoration of US oil production after the deep freeze in Texas could take longer than expected. With possible pipeline freeze and work on examination oil infrastructure, resumption in output could take more than just days.
Near term outlook in WTI will now stay bullish as long as 58.57 support holds. Next target is 65.43 key long term structure resistance.