WTI keeps the trade above $49.00

Crude oil prices have quickly reverted last week’s down move and pushed the barrel of West Texas Intermediate back above the $49.00 mark on Monday.

WTI up on risk, weaker dollar

Increasing hopes of the UK remaining within the European Union at the referendum on Thursday have boosted the demand for riskier assets today, sending prices for WTI higher along with the rest of the risk-associated space.

After finding decent support in the $45.85/80 band during last week, prices for the black gold moved up at the beginning of the week and reclaimed the key $49.00 handle.

Ahead in the week, reports by the API and the EIA will keep investors vigilant on inventories levels, while testimonies by Chief J.Yellen on Tuesday and Wednesday could bring in some volatility on the USD-side.

WTI levels to consider

At the moment the barrel of WTI is advancing 2.06% at $49.56 facing the next hurdle at $50.21 (previous 2016 high May 26) followed by $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015). On the other hand, a breakdown of $46.09 (55-day sma) would aim for $45.83 (low Jun.17) and finally $43.03 (low May 10).