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USOIL chart - Trading View
West Texas Intermediate staged a strong rebound from session lows at 59.44 after Russia's comments.
Reuters reported on Monday that Russia is in favour of rolling over the OPEC+ oil production from April to May.
Russia's reported support for output rollover buoyed oil prices, triggering a rebound from session lows.
Further, progress in reopening the Suez Canal also adds to upside bias. Authorities reported that the Suez Canal is set to resume later in the day.
After extending sideways grind along 55-EMA, oil prices are set to resume upside and are attempting a break above 21-EMA.
Pullback has found strong support at 55-EMA and daily cloud. Watch out for decisive close above 21-EMA for upside resumption.
