WTI keeps highs around $39.00

By FXStreet Crude oil prices keep the rally alive on Friday, pushing the barrel of West Texas Intermediate to the boundaries of the $39.00 handle.

WTI in 3-month tops

Prices for the black gold are extending its march north for the fourth consecutive week so far, trading in 3-month tops around the $39.00 handle and extending their bounce off January’s multi-year lows in the $26.00 neighbourhood.

A continuation of the risk-on sentiment plus comments by Paris-based IEA that oil markets could have bottomed out are sustaining today’s upbeat mood. However, inventories remain at record highs and the ongoing supply glut is far from abated, all adding to the uncertainty surrounding rumours over a potential meeting between OPEC and non-OPEC members.

WTI levels to consider

At the moment the barrel of WTI is up 2.77% at $38.89 facing the next hurdle at $40.00 (psychological handle) ahead of $43.46 (high Nov.24 2015) and finally 48.36 (high Nov.3 2015). On the other hand, a breach of $36.13 (100-day sma) would expose $35.48 (76.4% Fibo of $38.39-$26.05) and then $33.75 (20-day sma).
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Source:: FX Street