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WTI Oil Outlook: Oil Prices Remain Well Supported by Expectations for Further Rise in Global Demand

WTI oil price kept a firm tone on Monday and probed above $72 per barrel, following last week’s pullback from new 26-month high ($74.93) which briefly dipped below psychological $70 support.

Repeated failure to register close below rising 10DMA signaled that pullback was contained, while today’s fresh rise suggesting that corrective pullback is over.

Improved sentiment over the pace of global vaccination against coronavirus and expectations that demand would significantly rise on lifting restrictive measures and reopening economies, as well as the start of summer driving season in the northern hemisphere, contributed to oil prices rally which accelerated in the past three months.

Bulls are on track for a monthly close above $70 level that would generate a bullish signal for the attack at key resistances at $73.44/$76.88 (Fibo 61.8% of $114.80/$6.5, 2011/2020 descend / Oct 2018 lower top).

Res: 73.00; 73.44; 74.17; 74.93.
Sup: 72.28; 71.89; 71.12; 70.00.

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