Oil is benefiting from the risk-on mood after Xi's speech earlier
WTI is up by 0.49% on the day, as it inches higher alongside other risk assets following Xi Jinping's speech at the Boao Forum earlier.
The past two days have seen WTI trade under $62 for a brief period, but the downside was stalled by the trendline support stretching to August last year.
It's a level that has held on multiple occasions this year, and yesterday's hold proves how much of a key support level it is for WTI.
As price heads higher, the next level to look out for is the $64.24 handle, which was where buyers got close to on 5 April before falling back down. Should that level break, it'll be another test to the upside at the highs of $66.66 again.
But the more important picture for WTI is that a wedge is starting to form (topside resistance at $66.66 and the trendline support) and the breakout will be the next key trade for the commodity.
