A note from ANZ outlines a number of factors supporting the price, which inched a little higher on Thursday:
- risk on tone
- technicals
- 100-day moving average helped stem the flow of selling in WTI, nine-day relative strength index also showing the recent selloff was overdone
- sentiment buoyed by this week’s US inventory report, stockpiles fell according to EIA data
- ongoing tensions in the Middle East
- China’s crude oil imports rose 5.5% y/y on strong gains in road and air traffic
- Restocking ahead of the northern summer driving season and increased export quota for oil products
I stuck those indies on the chart, you can do the same here:
- This chart is from our charting app, which is free and can be found at this link
