Oil prices are trading bullish with price action rising over 2.5% intraday. The gains come as oil prices get a boost from a weaker US dollar.
Furthermore, the weekly inventory report also saw a modest decline. This sent oil prices to test the 45.00 level of resistance once again.
For the moment, oil is testing this level near 45.00. But a strong close above this level is required to confirm further gains.
Earlier in the past few sessions, oil prices broke past this level but failed to hold on to the gains.
Given the modest retracement, we maintain a bullish bias in WTI crude oil.