WTI keeps highs near $49.00 ahead of US data

Crude oil prices are posting moderate gains on Monday, pushing the West Texas Intermediate to 3-month highs in levels just below the $49.00 mark per barrel.

WTI stronger by OPEC deal

Prices for the WTI are advancing to fresh multi-month highs near the $49.00 mark today boosted by increasing optimism amongst traders in light of the recent deal at the OPEC meeting in Algiers.

OPEC members argued last week that output could be reduced to between 32.5 million barrels per day and 33 million barrels per day, although details should be formalized at the next meeting in November.

Later in the NA session, WTI will remain vigilant on the key results from the US manufacturing sector, ahead of the weekly reports on crude stockpiles by the API (Tuesday) and EIA (Wednesday) and the results from the US drilling activity measured by Baker Hughes (Friday).

WTI levels to consider

At the moment the barrel of WTI is gaining 0.64% at $48.55 and a breakout of $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.6) and then $53.89 (high Jul.10). On the other hand, the immediate support lines up at $46.27 (100-day sma) followed by $45.69 (20-day sma) and finally $42.55 (low Sep.20).