Recent surging U.S. oil demand amid stagnant domestic crude oil production is causing American crude inventories to decline at the quickest pace in nearly 40 years! This record- decline in U.S. oil stockpiles has started to effect the crude oil futures price market. The WTI Crude oil has surged by over 50% this year. The re openings in many U.S. states and the start of the summer driving season move gasoline consumption to the highest since the pandemic started. In addition, domestic airline travel is also bouncing back, while airports still operation at 20% compare to pre pandemic levels. Considering the above, we continue to trade crude oil on the buy side and looking at the chart we can see another trade opportunity. Crude oil is trading at 75.35 price level and is setting technically for a quick breakout into the $76.13 price level. Traders can also protect the trade with a stop loss order below prior support level at $74.66.
