Crude Oil Edges Higher as Vaccine Raises Demand Outlook

WTI crude oil prices are on track for a three-day winning streak.

Price action broke past the key 41.00 level of resistance for the first time since mid-October.

If the current bullish momentum continues, then we expect oil prices to test the 43.95 level soon.

This will be a test of the key resistance level for the first time since August this year.

However, it also raises the risk of a pullback. Support will need to most likely form near the 41.00 handle.

Failure to hold on to the support here could push oil prices down to the 38.83 level once again.