Trades to a new cycle high
The price of WTI crude oil futures is trading up over one dollar on the day or 1.45% at $71.90. The high price of just extended to $72.02. That is a new cycle high and the highest level since October 2018.
Looking at the hourly chart below, the price is trading within a upward sloping channel. The lower channel trendline currently comes in at $71.07. Below that is the rising 100 hour moving average at $70.58. Ultimately if the price stays above those technical levels, the bias is still to the upside. A move below is needed to hurt the bullish bias.