The oil price has been struggling to climb higher, which indicates that the rally might have run into exhaustion. The fundamentals have little to support a higher price these days as concerns of slowing demand make investors cautious in putting more chips on the table. The US Energy Information Administration reported that crude inventories rose last week by 2.8 million barrels, well exceeding the consensus of a decrease.
On the technical side, the Brent crude is hovering under the 68.50 resistance. 66.10 is a key daily support to maintain the bullish bias. 67.20 is the immediate support for the day.
The sentiment-price correlation chart shows the sentiment under the neutral line, which suggests the cautious nature of the current market condition.