Oil's weekly chart is still very bullish. The MACD and RSI have been rising for some time. Prices formed a triangle consolidation pattern at the end of a long sell-off and are now moving higher. Prices recently broke through a key resistance area.
The daily chart is in a new upswing. First, note that prices have been rising since the end of February. In addition, the MACD recently gave a buy signal and is now moving higher and the RSI has been advancing as well. Finally, the price/SMA picture is bullish: prices are above all the SMAs, the shorter SMAs are above the longer SMAs and all the SMAs are moving higher.
This is in the face of bearish/neutral fundamental developments:
Crude oil supplies are still at high levels. In other words, we don't need to buy a lot of raw material right now.
Gas stocks are falling but are still well within norms. This means we need to convert more oil, but as mentioned above, we already have enough supply.
Gas prices ticked up last month. We need at least 3-4 more weeks of data to determine if this is the beginning of a new trend or not. This chart of demand
Tells us demand increased in March, but is still below 2007-08 levels.
