WTI climbs to 3-month peaks beyond $43.00

Prices of the WTI pushes higher and retakes $43.00.
Rising hopes of a recovery in crude demand support prices.
API, EIA weekly reports coming up next in the calendar.

Pablo Piovano FXStreet

Crude oil prices extend the upside at the beginning of the week and motivate the WTI to surpass the key $43.00 mark per barrel in early trade.

WTI looks to pandemic, demand

Prices of the barrel of WTI advance for the fourth session in a row on Monday, as sentiment among traders remain propped up by prospects of higher demand in the next months.

The view of a pick-up in the demand for the commodity has been exacerbated as of late in response to auspicious news regarding the imminence of a coronavirus vaccine in tandem with hopes of a “V”-shaped recovery in the global economy.

Adding to the upbeat mood, the OPEC+ is expected to postpone its planned tapering to at least March 2021.

Later in the week, both the API and the EIA will release their usual weekly report on crude oil stockpiles on Tuesday and Wednesday, respectively.

WTI significant levels

At the moment the barrel of WTI is up 0.85% at $42.78 and faces the next hurdle at $43.34 (monthly high Nov.23) seconded by $43.75 (monthly high Aug.26) and the $48.39 (monthly high Mar.4). On the downside, a breach of $40.12 (weekly low Nov.16) would aim to $39.61 (55-day SMA) and then $37.09 (low Nov.6).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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