USOIL: Recovery rally gains momentum

 * Oil prices have recovered recently, as Saudi Arabia has announced further output cuts in April
* Furthermore, Venezuela oil exports have decreased amid power outages
* OPEC seems to be committed to reduce output further, which could support prices in the short-term
* The technical outlook for USOIL has improved following the bounce off $54.20 support
* USOIL is currently approaching $57.60 resistance and a clear breakout could potentially pave the way for an extension of the recovery rally

USOIL H4
USOIL H4

 * The next big levels to watch above $57.60 are $59.50/60 followed by the 200 DMA (currently around $61.50)

USOIL Daily
USOIL Daily

 * Similar price action can be seen in UKOIL
* The key level to watch is $67.70, which acted as key support/resistance several times before
* Beyond that, the 200 DMA around $70.20 is an important line to watch

UKOIL
UKOIL

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