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NYMEX Light Crude Oil has risen above the April peak and resistance line at 34.88/35.18 and eyes the 37.33/40.11 area, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

See: Russian oil output falls to 9.39 million bpd in May, close to OPEC+ goal – Interfax

Key quotes

“Nymex July Light Crude Oil is in the process of rising above its 2020 resistance line and the April high at 34.88/35.18 with the 37.33/75 March 9 and 11 highs as well as the August 2015 low being next in line.”

“There is a remaining gap to be seen between the 37.64 high and the 41.88 low with en route lying the August 2016 low at 39.19 and the 50% retracement at 40.11. Further up sit the June 2017 and December 2018 lows at 42.05/36.”

“Immediate upside pressure should be maintained while the contract remains above the May 22 low at 30.72. Below it, the early May high and 55-day moving average make up support at 28.05/27.98 and the early April low at 26.14.”