FxWirePro: US oil extends recovery to retake $74 mark, upbeat EIA data underpins

USOIL chart - Trading View 

WTI extends recovery for the 2nd straight session, retakes $74 mark, scope for upside resumption.

U.S. Oil was trading 1.06% higher on the day at $76.96, slightly lower from session highs at $74.19.

A bigger-than-expected draw in the US weekly crude inventories, reported by the Energy Information Administration (EIA) on Thursday buoys oil prices.

Markets look forward to the Wall Street sentiment and US rigs data for fresh trading incentives.

The pair has edged above 5-DMA and downside remains cushioned at 21-EMA support at 72.68.

GMMA indicator shows major trend is bullish and minor trend is neutral on the daily charts. 

Chikou span is biased higher and RSI is above the 50 mark. MACD is well above the zero line.