Crude oil prices are posting solid gains for the third consecutive session.
The gains come on the back of declining crude oil inventories. It’s further due to news that the Democrats took first steps toward advancing President Biden’s proposal of $1.9 trillion coronavirus aid.
Price action is now inching closer to the next main resistance level of 57.35. The Stochastics oscillator is also showing further room to the upside.
In the near term, any declines could see the price retesting the 53.77 level. However, it is unlikely that we will see any short term pullbacks currently.