Crude oil continues its gradual recovery

Crude oil has continued its recovery, climbing to the highest level since March 2020, boosted by a combination of draining inventories, ongoing production cuts, and dollar weakness. 

Technically, the rally in oil is showing no signs of weakening or fatigue. It now seems on course to test the downtrend sloping trend line, drawn connecting the October 2018 and January 2020 peaks.