FXStreet (Edinburgh) – The barrel of the West Texas Intermediate is rallying more than 5% today and reaching fresh tops in the vicinity of the $48.00 mark.
WTI posting 5-week peaks
Crude oil prices are advancing for the third consecutive session so far, extending the strong rebound from recent multi-year troughs near the $38.00 mark posted last week.
The current upside has been intensified after the survey carried by the Energy Information Administration has informed that US output has decreased to almost 9.3 million barrels/day during June, less than what the agency has initially estimated.
WTI levels to watch
At the moment WTI is advancing 5.20% at $47.66 facing the next resistance at $48.86 (high Jul.28) followed by $49.03 (high Jul.31) and then $49.91 (high Jul.29). On the flip side, a breakdown of $43.61 (low Aug.31) would aim for $41.78 (low Aug.28) and finally $38.95 (low Aug.27).
(Market News Provided by FXstreet)