WTI Crude oil breaks out higher after consolidation

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WTI Crude oil prices finally saw an upside breakout on Friday as the commodity rose to a two-month high.

Price rose over 6.5% on Friday, settling at 29.79 to the barrel.

The resistance level at 28.00 was strong and kept price confined below this level earlier.

But, the fundamental news from Friday saw investors turning bullish on the commodity.

Despite the breakout above 28.00, oil prices are still at risk of a decline.

Unless support is firmly established at the 28.00, the gains could quickly disappear. The next upside target for WTI crude oil is at the 33.00 handle.

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