Oil prices remain in a strongly bullish mode with price rising to intraday highs of 47.87. The gains come amid a moderate risk-on sentiment in the markets.
Oil prices continue to react to the prospects of the global economy reopening. For the moment, price action is likely to continue to drift higher.
The key level will be the 50.00 round-number support. To the downside, there are also risks of a correction.
A pullback, which is likely to happen could see oil prices falling to the support level of 45.26.
Establishing support at this level will be crucial for oil prices to rise further.