Crude oil traded steady at around three-month highs, supported by oil inventory data that showed strong demand from the United States.
US oil supplies fell by 15.4 million barrels last week, according to American Petroleum Institute (API) data, compared to expectations for a drop of just 1.37 million barrels.
If official data from the government's Energy Information Administration (EIA) released today match the API data, it will mark the biggest drop in US oil inventories on record since 1982.
Looking at the movement of the XTI/USD price chart, the price has made a jump to around 82.00, the highest in three months.
If the climb continues, the price has the potential to head towards the 84.50 resistance level tested in the April trade.
Next, if that level is successfully breached, then the next target price is likely to be 89.00 thus recording the latest highest record since November 2022.
However, if the price fails to continue its rise, it is at risk of falling back to around 76.70 which it had previously managed to break through at the beginning of last week.
Further, a lower dip could reach around 74.00 which was last touched in the last two weeks.
