WTI climbs further near $48.00

Crude oil prices area extending the upside momentum at the beginning of the week, boosted by a weak greenback and Goldman Sachs news.

WTI up on GS, USD, Nigeria

The barrel of West Texas Intermediate is hovering over the upper-$47.00s today, posting fresh YTD peaks and firmly on its way to retake the psychological $50.00 handle.

Crude oil prices have been supported by a renewed offered tone in the greenback and news by Goldman Sachs stating that the crude oil supply glut could be nearly over.

In addition, disruptions in the Nigerian oil output following attacks by militants have also added extra legs to today’s upside.

WTI levels to consider

At the moment the barrel of WTI is gaining 3.20% at $47.69 facing the next hurdle at $48.36 (high Nov.3 2015) followed by $49.33 (high Aug.31 2015) and then $50.92 (high Oct.9 2013). On the other hand, a break below $44.80 (20-day sma) followed by $43.03 (low May 10) and finally $40.75 (55-day sma).