Oil prices edged higher on Monday as Hurricane Irma impact has been assessed by investors.
Investors also react to the talks between Saudi oil minister with his Venezuelan and Kazakh counterparts on Sunday regarding the possible extension to cut global oil supplies beyond March 2018.
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Technical View
Crude oil prices have formed a “Symmetrical triangle”. Support holds at $ 46.60, resistance holds at $ 49.50 and above the 200-day moving average at $50. It’s likely that crude oil prices will make their third attempt to retest the $50.
On the daily chart, the 50-day moving average crossed over the 100-day moving average at $47.40 which indicates a bullish momentum.