The US markets were closed on Monday for President's day but that didn't stop the optimism circulating around trading floors in Asian and European markets as China and the US seek to conclude negotiations this week, or at least benefit from an extension beyond the March 1st deadline. Oil prices will depend very much on the outcome of this trade dispute and bulls seem to be betting on a positive outcome for the black gold.
Crude oil prices retested previous highs at $55.76 per barrel and broke above it as the impressive bull run continues. The price is still on the rise as it settled above previous highs but with extreme overbought conditions. The momentum seems to be slowing down and a slow correction or consolidation are most likely to happen before we see another rally in prices. We will be focusing on the $56.69 resistance level.
Support: 53.26 / 52.36
Resistance: 53.89 / 55.25