The price of oil trades back above the 50-Day SMA ($86.68) after defending the monthly low ($80.87), and crude may continue to retrace the decline from the monthly high ($93.48) as it breaks out of a bull-flag formation.
OIL PRICE BREAKS OUT OF BULL FLAG FORMATION TO EYE MONTHLY HIGH
The price of oil trades to a fresh weekly high ($89.72) despite an a larger-than-expected rise in US inventories, and recent price action raises the scope for higher crude prices as it extends the series of higher highs and lows from earlier this week.
