Oil prices rise another 2%, posting new highs

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WTI Crude oil prices rose more than 2% intraday on Tuesday.

The gains came on the back of developing fundamentals that are bullish for the commodity.

With prices now rising higher, we expect the gains to continue.

The next main resistance level is at 42.00 which previously served as support.

In the near term, any declines will see a minor support level forming at the 35.30 level.

A break down below here could trigger further declines down to the 33.66 level.

Establishing support at this level will, however, validate the upside bias.

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