WTI survives above $41.00

By FXStreet Crude oil prices have managed to leave behind the initial offered tone, recovering the area of highs above the $41.00 mark.

WTI keeps 2016 tops

The barrel of West Texas Intermediate is extending the recent rally, climbing almost uninterruptedly since multi-year lows around the $26.00 handle in January to levels above the critical $40.00 mark last week.

Initial uncertainty around the possibility of the output freeze and the recent increase in US oil rig count (released on Friday) have poured cold water over bulls during the European morning, although the upbeat sentiment seems to have now returned amongst traders.

WTI levels to consider

At the moment the barrel of WTI is up 0.51% at $41.35 facing the next hurdle at $ 41.89 (200-day sma) and then $43.46 (high Nov.24 2015). On the flip side, a breakdown of $35.82 (20-day sma) would aim for $35.96 (low Mar.15) and then $32.44 (55-day sma).
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Source:: FX Street