This wave could either end around $66.29 or extend a lot to $85.17. Regardless of the ending point of this wave, a consolidation around $66.29 is ongoing.
On the daily chart, the uptrend towards the Jan. 8, 2020 high of $71.75 has resumed. A realistic target could be $67.50, the 486.4% projection level of an uptrend from $39.34.
A weaker dollar against most currencies on Monday also supported commodities, with dollar-denominated commodities becoming more affordable to holders of other currencies.
U.S. oil and gas drillers are gearing up for a pick-up in demand. As higher prices make new wells profitable again, they added rigs for a sixth month in a row in January.
The trend from $53.93 may have reversed. It consists of three waves. The third wave labeled c is roughly equal to the first wave labeled a. This equality confirms the reversal of the trend.