WTIUSD

Crude oil continues its upward movement, trading above the pivot level of 60.875. The U.S. crude oil inventory data to be released on May 14 will be decisive for prices. A continued decrease in inventories could push WTI to resistances of 61.648 and then 62.431. The U.S. retail sales data on May 15 and the Philadelphia Fed Manufacturing Index are significant in terms of demand outlook. If the initial support at 60.338 is broken, the important support level of 59.331 will be monitored. The technical outlook remains positive as long as it stays above the pivot.