Positive news reports emanating from Saudi Arabia along with a possible deal between US-China trade deal for oil and gas could assist the sustenance of the momentum.
Crude oil has been on a decline for last few weeks and now the decline seems to be coming to an end. Talks of OPEC holding back output in an effort to balance the market while sanctions against Venezuela and Iran have worked to keep supplies tight.
The price too is attempting to stage a comeback over last few weeks but with limited interest. In the charts, I have highlighted Inverted Head and Shoulder pattern.