Oil rises further on supply disruption fears

WTI oil price rose for the fourth straight day on Friday, supported by growing fears over Russian supply disruption that offset concerns about the impact from China’s lockdowns.
Fresh extension higher generated bullish signals on break of the upper borderline of the triangle ($105.11) on daily chart and breach of pivotal Fibo barrier at 107.09 (38.2% of $130.48/$92.64), with close above the latter to confirm bullish signal and open way for attack at psychological $110 resistance.
Bullish daily studies support the action, with formation of weekly bullish engulfing and the contract being on track for the fifth consecutive monthly rise, adding to positive environment.

Res: 108.60; 109.15; 110.00; 111.56
Sup: 107.09; 105.77; 105.11; 103.11