Oil continues to break higher on the day
The breakout here looks like a big one. WTI is now up by 2.95% on the day, and when something moves at such a pace it's best not to get in the way. I don't see much else sitting in the way of it from breaking higher still.
Technically, the next level to look out for is the 100-month MA @ $75.24 followed by $76.50 if you draw a Fib retracement - that's the 61.8 retracement level. But oil is heavily dependent on sentiment as well so if US shale drillers start entering again it could start to bring in the issue of oversupply.
In terms of key risk events, the next one to look out for will be the OPEC meeting in Vienna on 22 June.
