Oil Price Analysis: WTI consolidates gains near monthly highs

 

 

The crude oil recovery is taking a breather after printing fresh May’s highs. The market is trading above its main SMAs on the four-hour chart suggesting bullish momentum in the medium-term. However, as crude oil remains in an overall downward trend it remains to be seen if the market can surpass the April’s highs near the 32.20 in a sustainable fasion. On the flip side, sellers would need a daily close below the 31.00 support in order to reclaim the 28.00 level.