Long list of oil support: risk on, technical, inventory, Mid East, China, restocking

A note from ANZ outlines a number of factors supporting the price, which inched a little higher on Thursday:

• risk on tone
• technicals
  • 100-day moving average helped stem the flow of selling in WTI, nine-day relative strength index also showing the recent selloff was overdone
• sentiment buoyed by this week’s US inventory report, stockpiles fell according to EIA data
• ongoing tensions in the Middle East
• China’s crude oil imports rose 5.5% y/y on strong gains in road and air traffic
• Restocking ahead of the northern summer driving season and increased export quota for oil products

I stuck those indies on the chart, you can do the same here:

• This
  chart is from our charting app, which is free and can
  be found at this link

This article was written by Eamonn Sheridan at www.forexlive.com.