Crude oil supply keeps decreasing, lack of supply and strikes of oil workers around the world are positive to the oil price. During last year, oil price was under pressure. Oil supply in United States are decreasing as well as in Mexico, China and Azerbaijan.

Some correction occurs and oil currently is testing Fibonacci support area at 48.76-48.23. 20 MA has crossed above 50 MA on hourly chart and oil price currently is moving between those MA. Note that hourly CCI is oversold. 
I suggest waiting for bullish signal confirmation on a pull-back move to within the Fibo’s support area with 49.08 as target and 49.60 in extension. However be careful if support at 48.23 breaks because it will turn the intraday bias to bearish and possibly will push oil to 47.86-47.39.

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