Technical Analysis:
Currently trading around 78.46, price retraced to good buying zone and might now head towards $ 81 zone to fill the imbalance. We might see again selling from 80-81 zone. We also have an imbalance below around 74-76 zone and soon price can also go and fill that.
Fundamentals:
Oil prices edge higher on Monday after falling earlier in the session as traders assess China's inflation data and ahead of key U.S. readings this week. Brent crude and WTI are both up 0.2% at $82.93 and $78.42 a barrel, respectively. China's consumer-price index rose for a third straight month in April, signaling a recovery in domestic demand in the top oil consumer. Investors now await the U.S. Producer Price Index reading for April, due on Tuesday, and the closely watched Consumer Price Index report on Wednesday for more cues on the interest-rate outlook. Meanwhile, OPEC and the IEA are set to release their monthly oil market reports this week, offering a snapshot of global demand and supply expectations for this year and next.
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