Oil prices rise benefiting from the U.S. dollar bearish correction

(MENAFN– ecpulse) Crude oil continued its rally to the upside on Thursday and touched $52.00 a barrel after gaining $2.50 a barrel yesterday, following the weak retail sales data that weighed on the U.S. dollar

The retail sales released yesterday showed a contraction by -0.8% in January, after recording a contraction by -0.9% in December, worse than the expected -0.4%.

Consolidating above $50.00 a barrel, which is considered an important psychological barrier for traders who used becoming positive to boost buying futures as showing on daily graph.

We expect further attempts to the upside in an attempt to retest the support that was broken and turned to resistance at 53.50, supported by the positivity showing on RSI 14. A break above 53.50 pushes prices towards 55.00.