Unfazed by data showing a fourth straight weekly rise in US crude supplies, WTI prices continue to edge higher as bulls continue to take advantage of February's low prices. According to the EIA, Crude oil inventories increased by 3.6 million barrels from the previous week. Additionally, reports of further reductions of global output and optimism around constructive US-China trade negotiations are attracting more speculators into buying the black gold.
Crude oil prices continued to edge higher breaking above the $54 level as expected and looks to be on its way to retest the $55 level. The price is currently continuing yesterday's run with a bullish momentum as the RSI shows. Overbought conditions are yet to be existed. We will be focusing on the $55 psychological level.
Support: 53.26 / 52.36
Resistance: 53.89 / 55.25