Crude Oil Holds Steady at a 13-Month High

Oil prices are steady after rising to a new 13-month high. The gains come as the latest report shows a drop in US Crude oil output.

The weaker dollar is also helping the commodity to maintain its hold. For the moment, prices are supported near the trendline.

Still, even a close below the trendline could keep the upside bias intact.

The support area near 60.87 will hold the prices from posting further declines.

But a close below 60.87 could potentially open the way for oil prices to fall further. This could see the 57.35 level coming under scrutiny next.