US oil continues to push higher with $80 now in sight. Support does sit below, but fundamental risks do remain.

US & Brent oil has continued higher over the last week and looks to potentially continue this trend higher. Support for the commodity below sits at $78.65, followed by $77.81. A break of $77.50 on the daily timeframe could negative any bullish or positive momentum. Toward the upside, initial targets/resistance are $80.21 followed by $81.76. MACD is negative but looks to cross positive today, RSI currently reads 53 - suggesting a neutral outlook.