Oil extends rally, WTI at fresh 6-month highs above $ 48

After a brief phase of consolidation in Asia, oil benchmarks on both sides of Atlantic resumed the upward trajectory, with the US oil breaking above $ 48 barrier for the first time in six-months.

Oil eyes US data, API data

Currently, both crude benchmarks climb further in the positive territory, with Brent up 0.63% at $ 49.28 while WTI oil rallies 1.07% to $ 48.23. The bulls continue to gather momentum as the prices remain underpinned by the recent news on supply outages, while Goldman Sach’s bullish comments also continue to underpin sentiment.

Analysts at ANZ noted, "Oil prices continued to gain, driven by growing supply adjustments and disruption (Canada, Venezuela, Nigeria), as well as firming demand."

Oil markets now await the weekly stockpiles data that would throw more light on the persisting oil supply scenario. The API is due to publish its data later today, after reporting a week before that stockpiles grew by some 3.5 million barrels. While the official government report from the EIA is due for release on Wednesday.