WTI oil price hit new 2019 high at $56.63 on Monday, in extension of last week’s strong rally, when WTI contract advanced nearly 7%. Renewed optimism over US/China trade talks, added to positive oil price sentiment on OPEC production cut and sanctions on Iran and Venezuela that tightened oil markets. Weekly close above pivotal $55.55 barrier (Fibo 38.2% of $76.88/$42.36) was strong bullish signal. Fresh extension higher approaches next target at $57.09 (100SMA) violation of which would spark further advance, however, bulls may show hesitation as stochastic is strongly overbought and momentum turned lower. ... (full story)