WTI Crude ended yesterday’s session above $41 pbl, surging by another 5% and hitting our long resistance targets ($41, $41.50) , after a surprise drawdown in API crude inventory (Actual: -5.417Mb, Forecast: -0.9Mb) added to investor optimism surrounding the latest vaccine developments, outweighed recovery concerns. Technically, bullish momentum is looking strong despite overbought RSI conditions, with $42.50 as the closest resistance target.
Support: 41.50 / 41
Resistance: 42.50/ 43.50
