WTI oil retraces, but keeps its bullish trend

WTI oil has had a very good bullish trend from the 47.00 level as shown on the daily chart. Oil has been benefiting from recent events, like the production cuts from OPEC and the geopolitical tensions in the Middle East. As tensions rise in Syria, it is possible that production and distribution on oil from the region may be disrupted. The rise in WTI oil has taken the price near to the 54.00 level, but during the last few sessions it has started retracing to the downside. However, regardless of the retracement, the bullish trend is still in place. If the price breaks below the 53.00 level, then the 52.00 may act as support. In case the price goes back up above the 53.00 level, then the WTI oil may try to reach the 54.00 level.