WTI Crude Oil Attempts to Log New Highs

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Oil prices are trading bullish following days of consolidation near the 45.00 level.

The gains are driven by news about two oilfields in Iraq under attack.

For the moment, with the support level at 45.00 being establishing oil prices have room to rise.

Furthermore, the next key challenge will be the psychologically important 50.00 level. However, the rise to this level is likely to be gradual.

Oil prices will need to establish support near the upper levels to continue maintaining the bullish momentum.

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