FxWirePro: WTI crude oil refreshes 13-month highs, trades at highest level since January 2020

USOIL chart - Trading View 

West Texas Intermediate (WTI) crude oil is trading 0.59% higher at $62.54 per barrel at around 04:20 GMT.

Price action is consolidating previous session's spike. The pair closed 5.50% higher on Monday's trade.

WTI hit new 13-month highs at 62.97 earlier in the day, before paring some gains, outlook strongly bullish.

Expectations that vaccine rollouts could lead the way to a swift global economic recovery keep oil prices buoyed. 

Also, the recent cold blast in Texas which caused output disruptions has powered the North American oil benchmark to multi-year highs. 

Technical indicators support gains. Price action has broken above 200W MA and major trendline resistance, has edged above 110 month EMA.

Price action has edged above monthly cloud and is on track to test 200 month MA at 69.53. 

Overbought oscillators can cause minor pullbacks. Failure at 110 month EMA will negate further bullishness.