WTI crude oil managed to break out of the 42.00 ceiling on late Monday. However, following a brief rally above the 42.00 level, the commodity is seen pulling back.

We expect the 42.00 price level to be tested once again. There is also a possibility for WTI crude oil prices to consolidate back inside the range.

However, the upside breakout above 42.00 could suggest further gains. But a lot will depend on the fundamentals which need to be supportive of oil prices.

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Following the recent high above 43.00, we expect this level to be tested in the short term.

The main target remains the 50.00 price level next.


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