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wti crude oil

Oil prices closed slightly bearish on Friday but on a weekly basis, the commodity has logged four weeks of consecutive gains.

Price action pulled back just after rising to a five-month high earlier in the week. The key resistance level is now seen at the 43.50 handle.

We expect prices to attempt breaching this level once again.

To the downside, the 42.00 handle is likely to turn as support in the near term.

However, price action is yet to test this level.

For the moment, we could expect further gains on a strong close above the 43.50 handle.

This will open the way for oil prices to rise to the 45.00 level next.

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