WTI clinches highs near $42.40

Crude oil prices have recovered the smile today, lifting the West Texas Intermediate back above the $42.00 mark per barrel.

WTI cautious, up above $42.00 on rumours

Prices for the black gold have regained further upside traction today following rumours of another potential meeting where an output freeze could be discussed once again.

However, Russian minister A.Novak remained sceptic regarding this scenario, although he left the door open for further negotiations.

In the meantime, the ongoing crude oil supply glut keeps weighing on sentiment and capping occasional bullish attempts.

Latest data from Friday’s US oil rig count by Baker Hughes showed rigs increased by 7 to 381 during last week, adding to glut concerns.

WTI levels to consider

At the moment the barrel of WTI is advancing 1.34% at $42.36 facing the next hurdle at $42.96 (20-day sma) followed by $44.96 (100-day sma) and then $46.93 (high Jul.12). On the other direction, a breach of $39.26 (low Aug.2) would aim for $37.61 (low Apr.18) and finally $35.24 (low Apr.5).