Oil prices managed to gather some bullish momentum on Wednesday.
Prices rose over 3% intraday as WTI crude oil breached past the 42.00 handle eventually. The gains come amid a hawkish inventory report for the commodity.
Still, doubts linger especially on the demand for the commodity amid the current scenario. For now, the 42.00 handle might be tested for support.
This would potentially confirm further upside in oil prices. The next major target for crude oil will be the $50.00 handle which could be tested if the momentum holds up.