Oil Advances To A New Eleven-Month High

WTI Crude oil prices resumed the bullish momentum following three days of subdued trading. Prices settled at 59.55 on Friday, marking a new 11-month high.

The rebound comes after oil prices briefly fell to the support area near 57.35. This potentially cements the 57.35 level as a strong support area in case of any downside.

Despite the gains, oil prices are now nearing a multi-year resistance area between the 65.5 and 61.5 levels.

Price action has on previous occasions failed to break past this level.

Therefore, unless there is a strong momentum led breakout, we could see price action consolidating in this resistance area.