WTI climbs to 8-month tops near $44.00

Prices of the WTI extends the rally to the vicinity of $44.00.
Prospects of higher demand keep sustaining the upbeat note.
The API’s weekly report on US crude oil supplies comes up next.

Pablo Piovano FXStreet

The rally in WTI extends further and approaches the key $44.00 mark per barrel on Tuesday.

WTI upbeat on demand, looks to data

Prices of the American benchmark for the sweet light crude oil advance further on Tuesday and trade at shouting distance from the $44.00 level, area last visited back in March.

As usual in past sessions, improved prospects for crude oil demand continue to sustain the rally in prices to multi-month highs, particularly following recent news that potential vaccines could be delivered within the next months.

The upbeat mood among traders is also underpinned by rising rumours that the OPEC+ could postpone its tapering for an extra three months. The final decision of the cartel on this matter is expected at the November 30-December 1 meeting.

Later in the session, the American Petroleum Institute (API) will publish its weekly report on US crude oil inventories (+4.174M prev.).

WTI significant levels

At the moment the barrel of WTI is up 2.18% at $43.77 and faces the next hurdle at $43.87 (monthly high Nov.24) seconded $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the downside, a breach of $40.12 (weekly low Nov.16) would aim to $39.74 (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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