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USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil prices were again trading above the $61 mark.
Oil prices were extending gains for the 3rd straight session, holds gains near 1-1/2 week peak.
Technical bias for oil has turned bullish as price breaks above 21-EMA. Price is on track to break out of daily cloud.
OPEC on Tuesday increased its 2021 global oil demand forecast by 100,000 barrels per day (bpd).
The International Energy Agency (IEA) also raised its annual demand forecast by 230,000 bpd to 5.7 million bpd.
Further, the American Petroleum Institute (API) report showed that crude stocks declined more than estimated, by 3.6 million barrels during the week that ended on April 9.
Weaker USD provided an additional boost as markets now await Powell’s speech and official EIA report.
Next bull target lies at 200-month MA at 69.70. Failure to hold above 21-EMA will negate any bullish bias.
