Oil price broke the consolidation area of $54 - $58 area and there currently trading at $58.40. There is a lot of buying happening on oil prices based on technicals, prices may rise up to the next resistance of $60 a barrel before any reversal or even $64. We may see a reversal around the $59.20 area where it failed last week to break above it as the daily 200& 800 EMA are currently rejecting any upward movement! Based on fundamentals: * Venezuela oil production is expected to drop below one million barrels. * Baker Hughes oil rig count ticks down to 833 lowest reading since April 2018. There is a lot of potential for WTI to reach higher levels the upcoming week!