WTI crude oil prices continue to push higher, rising to a 10-month higher near 48.77. The gains in the crude oil market are triggered by the bullish fundamentals.
It was the weekly crude oil inventory report which showed a drawdown in inventory. Also, demand from Asian countries has helped to shore up prices higher.
Oil prices are on a bullish streak for the moment. However, we could see some near temple back in the coming days.
The key support level to watch for is the 45 .00 level. Establishing support at this level could potentially confirm and even validate further gains in oil prices.
To the upside, the target in the level near 50.00 remains within sight.
