Oil benchmarks shrugged off the bearish US inventory report released yesterday and jumped to five-month highs during today's early session to hit $62.89 per barrel. US crude oil inventories unexpectedly rose by 3 million barrels last week, the American Petroleum Institute said on Tuesday. However, prices continue to cheer the OPEC led supply cuts. The Cartel's oil production in March 2019 fell to 30.4 million barrels per day last month, down by 280k bpd compared to February and the lowest level since February 2015.
Crude oil prices continued to surge without a breather, printing new highs in 5 months at $62.89 per barrel. The price is currently just hovering around the 62.76 resistance level as the overbought state of the commodity entered the extreme conditions. The RSI is pointing towards some potential profit taking in the very near future which will send the prices slightly lower that will be very healthy for the recent upsurge.
Support: 62.76 / 61.31
Resistance: 63.41 / 64.07