Oil prices managed to shrug off the uncertainty of the past few days with price action once again surging.
On an intraday basis, spot crude oil prices rose over 3% in what is likely to be a strong recovery. The gains come after oil prices closed bearish last week.
However, at the time of writing, crude oil has managed to pare last week losses to rise higher.
On the intraday charts, oil prices are yet to close fully above the previous highs of 62.97. But given the bullish momentum, we could expect to see further gains.
The only downside scenario here is to see oil prices pulling back. This would mark a failure near the short-term trendline and could open the way to the downside.
The support near 60.87 remains critical under such circumstances.