Oil inches higher after report of Iranian tanker explosion

Technical Analysis

Author: Justin Low | oil

WTI crude now up by 1% on the day

WTI D1 11-10
Oil is pushing gains a little further on the day as price climbs back above the $54.00 handle to fresh one-week highs after the report here.

Of note, price is now challenging a move above the 23.6 retracement level @ $51.91 - a level which has limited gains over the past few days.

I wouldn't say that the report above in itself will lead to an extended rally of sorts but it is something to watch as it lends to more bullish sentiment in the near-term.

The immediate risk to oil ahead of the weekend will be the outcome of US-China trade talks so that will still be the key factor in trading over the next few sessions.

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