Oil was up Wednesday morning in Asia over a record fall in U.S. crude supplies and growing expectations that re-opening drives in the U.S. and Europe will boost fuel demand. However, investors are also keeping an eye on ever-surging numbers of COVID-19 cases in parts of Asia.
The Oil market remains in a bull trend and retains potential for a climb to 67.87. A close over 67.87 is needed to signal for a strong bull wave to attack beyond the last 71.50 high. Only a close under 63.60 highlights a short term topping turnover.