Oil WTI (OIL.WTI) broke above the $40 handle. Level has not been seen since OPEC+ reached an agreement on extending output cut deal until the end of July. A double top pattern could be painted in this area. Apart from that the upper limit of the bearish price gap from the beginning of March can be found at $41.12.
However, one should keep in mind that OPEC+ did not recommend extending output cuts into August and US shale production is beginning to recover.
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WTI continues upward move on hopes that demand is rebounding. However, higher prices encourage boosting supply. Source: xStation5
