WTI rise even higher and hit 2-month highs around $ 43.00

• WTI extends the hike to the $ 43.00 level on Wednesday.
• The optimism after Biden’s victory and the COVID-19 vaccine acted as support.
• The EIA’s weekly crude oil supply report will be released on Thursday.

US benchmark barrel prices for light sweet crude they remain higher and reached the $ 43.00 level and modestly above during the early hours of Wednesday.

WTI with eyes on EIA report

WTI prices are advancing for the third consecutive session and are navigating the area of ​​2-month highs well above $ 42.00 a barrel on Wednesday.

Crude oil extends the rally thanks to renewed and strong optimism among traders, all in response to Pfizer’s announcement of its vaccine earlier in the week. The news sparked a sharp rise in the risk space while helping to ease concerns about demand, as prospects for a global recovery now appear revitalized.

In addition to raising optimistic sentiment among oil traders, the American Petroleum Institute (API) reported late Tuesday that supplies of US crude fell by more than 5.1 million barrels in the previous week.

Moving forward, the EIA will release its weekly report on crude oil inventories on Thursday, as some US markets are closed on Wednesday due to the Federal Veterans Day holiday.

Technical levels

Right now, a barrel of WTI is gaining 1.54% at $ 42.43 and faces the next bullish barrier at $ 43.75 (monthly high on August 26) followed by $ 48.64 (monthly high on March 3) and finally $ 54.45 (monthly high on March 20). February). On the downside, a breakout of $ 39.64 (55-day SMA) would expose $ 36.62 (200-day SMA) and then $ 33.67 (Nov. 2 monthly low).