USOIL chart - Trading View

After grinding sideways for the past few weeks, price action is poised for breakout at 200W MA which will open upside for the pair.

WTI crude oil spikes over 2.0% higher on the day to 12-month highs at 54.88, outlook remains bullish.

US Oil prices hit levels unseen since Jan 2020 before paring some gains to trade at 54.61 at around 10:30 GMT.

Prices buoyed after major crude producers confirmed their commitments to reign in output.

Further, voluntary cuts of 1 mln bpd by Saudi Arabia are set to be implemented from beginning of Feb through March.

Technical indicators are strongly bullish. Momentum with the bulls and volatility is high and rising.

WTI price is on track to test major trendline resistance at 56.85. Break above eyes 110 month EMA at 58.58.