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WTI Oil Outlook: Improved Sentiment Lifts Oil Price To One-Year High

WTI oil cracked $57 barrier and hit new one-year high on Friday, lifted by hopes that economic recovery will accelerate and boost demand, while OPEC and its allies are expected to maintain supply curbs.

Oil price rallies for the fifth straight day and is on track for the biggest weekly advance since the last week of March 2020.

Fresh acceleration higher was boosted by eventual break above 200WMA ($53.26) which capped the action for four straight weeks) with return to pre-pandemic levels, further improving the sentiment.

Bulls look for a weekly close above Feb 2020 high ($54.62) for confirmation and turn focus towards Jan 2020 peak ($59.72) and psychological $60 barrier.

Res: 57.06, 57.33, 57.91, 58.86
Sup: 56.43, 55.51, 54.62, 53.99