Fundamental news of 12.8M real vs 2.8M estimate drawdown of US inventory jump starts the bull case for oil . Although there is resistance line starting from beginning of June, that trend has a short history and upcoming global events may help the break through this resistance. The G-20 summit is currently happening. With US/China trade war at an all time high, it is very hard to imagine an escalation resulting from this meeting. Rather a postponement or a reduction would be more probable, causing some stimulation in global economic outlook and thus higher oil prices.
Secondly OPEC+ will meet the following week. Saudi Arabia is still in the red and will have to do whatever it can to increase oil prices. Tensions with Iran/US is causing disruptions in supply. Though China seems to be using Malaysia as a conduit to circumvent sanctions, Iran's oil supply to the world will inevitably be reduced. Perhaps Saudi Arabia will make concessions at the OPEC+ meeting now and increase output later as Iran is forced to decrease supply. With major corporations dipping their toes in US shale, the US accounted for 98% of oil production growth in 2018 at mostly unprofitable levels. When the small players are driven out, the big players will likely decrease shale production.