- WTI prices extend the rally to around $ 44.00.
- Prospects for higher demand remain optimistic.
- Below is API’s weekly report on the US crude oil supply.
The rally at WTI it extends further and approaches the key level of $ 44.00 per barrel on Tuesday.
WTI optimistic on demand, attentive to data
US benchmark prices for light sweet crude rose further Tuesday, trading near the $ 44.00 zone, the area last visited in March.
As usual in recent sessions, the better outlook for crude oil demand continues to keep prices rebounding to multi-month highs, particularly following recent news that potential vaccines could be delivered in the coming months.
The optimistic mood among operators is also underpinned by growing rumors that OPEC + could postpone its downsizing for another three months. The cartel’s final decision on this matter is expected at the November 30-December 1 meeting.
Later in the session, the American Petroleum Institute (API) will release its weekly report on US crude oil inventories (+4,174M previous).
Significant levels
At the moment, the WTI barrel has risen 2.18% to $ 43.77 and faces the next hurdle at $ 43.87 (November 24 monthly high), followed by $ 48.39 (March 4 monthly high) and finally $ 54.45 (high February 20). On the downside, a breakout of $ 40.12 (Nov. 16 weekly low) would target $ 39.74 (55-day SMA) and then $ 37.09 (Nov. 6 low).
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