WTI and Brent crude breaks their recent ranges
It's a strange day when someone like the IMF cuts global growth and oil rallies yet here we are. I'll add that keeping China unchanged may be the brightspot
WTI broke above the two month range and now faces the 100 dma and Sep 2014 support (as noted by reader Vikas)
WTI daily chart
It's a similar picture in Brent and it looks like that Reuters note has played out with a strong push through $50
Brent daily chart
The moves are helping commod currencies like AUD and CAD and USD is among those on the other side. With rises in the yen, euro and pound
Apart from the EIA news earlier there's no real reason to see oil busting out but that's what it does from time to time. There's still plenty of upside levels to overcome before the tide really turns so this may just be some pressure being released
