Oil prices are trading bullish once again following the previous few sessions where price action was rather subdued.
As the bullish momentum slowly grips, oil prices are seen advancing to the previously formed nine-month high.
A continuation to the upside could possibly see prices testing a new ten-month high shortly. This would mean that prices would near the 48.00 level for the moment.
It would also put oil prices just $2 away from the psychological barrier of $50. The current gains to the upside are supported both by the technicals and the fundamentals in the markets.
The key support level at 45.00 remains the downside for the moment.
However, it is unlikely that we would see a sharp correction coming anytime soon.
