The short-term target for bulls is at last week's high of 54.00 USD and afterward at the psychological level of 55.00 USD.
The medium-term target could be at 60 USD. If the USD continues to decline (and inflation continues to rise), oil might reach 60 USD pretty quickly, despite half of the world in a lockdown without any travel at all.
Alternatively, the first support could be at the very steep uptrend line, currently near 50,70 USD.
The major demand zone is between the psychological level of 50.00 USD and previous highs near 49 ISD. If oil drops below that support zone, the medium-term outlook could deteriorate, and some short-term selling could occur.
Since US markets are closed today due to holidays, volatility and liquidity are expected to be low for the rest of the day.
