WTI crude oil prices are trading higher for a second day rising over 3% on an intraday basis.
The gains come after price managed to successfully close above the 38.835 price level.
Following the strong bullish close above this level oil prices are now just a few points away from testing the 41.00 price level next.
Considering that this price level was previously tested, we could expect prices to reverse gains once again.
However, in the unlikely event that oil prices can break out above the 41.00 level, then we expect the bullish momentum to continue.
This will set the 43.50 handle as the next key price level for oil prices to test. To the downside, the commodity is likely to find support back near the 38.835 level.