Oil Price Rally Vulnerable Amid Failure to Test March High of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News of clients are net short. Long News 2021-05-06 14:30:00 David Song, Strategist Oil Price Talking Points The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories, but signs of subdued supply may keep crude prices afloat as US output remains at its lowest level since 2018. Advertisement Oil Price Rally Vulnerable Amid Failure to Test March High The recent rally in the price of oil appears to be stalling ahead of the March high ($67.98) as it fails to extend the series of higher highs and lows from the start of the week, and crude prices may trade within a defined range with the Organization of the Petroleum Exporting Countries (OPEC) stay on track to gradually restore production over the coming months.