Oil rises despite oversupply fears

At the economic level

Crude oil prices rose strongly today by more than 2% as mentioned here

Prices reached 4-year lows on Monday, driven by growing fears of global oversupply, with the week opening on a bearish price gap.

At the technical level

Oil is rising strongly trying to complete the shark harmonic model, which targets levels of 62.50 to 63.50 dollars per barrel, but resistance levels of 59.50 dollars strong resistance levels may push oil down again.

As for if it breaks through and closes higher, the expectations indicate a further ascent towards completing the harmonic model, from which it is possible to think about selling and activating the negative model.