WTI extends the rally above $46.00

Pablo Piovano FXStreet

Crude oil prices keep pushing higher on Monday, now lifting the barrel of West Texas Intermediate to fresh tops above the $46.00 mark.

WTI in 3-week peaks

Prices of the barrel of the American reference for the sweet light crude oil are advancing for the eighth session in a row today, regaining the $46.00 mark and up more than 10% since late June’s multi-month lows in the vicinity of the $42.00 mark.

Prices for the WTI are also deriving support after driller Baker Hughes reported on Friday that US oil rig count decreased by 2 during last week, taking active oil rigs to 756.

However, concerns over the supply glut stay far from abated among traders, particularly in light of prospects of rising US oil output and increasing production in other countries such as Libya and Iraq.

WTI levels to consider

At the moment the barrel of WTI is up 1.43% at $46.70 and a break above $47.03 (50% Fibo of the May-June decline 30) would pave the way for a test of $47.42 (55-day sma) and finally $48.20 (61.8% Fibo of the May-June decline). On the other hand, the next down barrier is located at $45.85 (38.2% Fibo of the May-June decline) seconded by $42.05 (2017 low Jun.21) and finally $41.10 (low Aug.11 2016).

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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