Crude oil is trading firmly above $53.00 handle, posting fresh multi-day highs amid improved risk sentiment stemming from US-China trade optimism. The commodity rebounded from yesterday's pullback to the sub-$51.00 area where it found a decent support.
US sanctions on Iran and OPEC+ deal to cut the output are the factors that keep the crude oil demand underpinned and it looks like a fresh bullish beginning for the oil.
Further fresh impetus will be provided by US drilling activity report by Baker Hughes.
Initial resistance for crude oil lies at $53.22 ahead of $54.50 and then $58.00. On the flip side, initial resistance for the oil is at $51.40 ahead of $50.30 and then $48.50.
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