Crude Oil extends rally, WTI crosses above $82.00

Crude Oil prices are continuing a bull run on Monday. WTI is breaking out on the bull side as supply constraint concerns weigh. US Crude Oil bids into its highest prices since November. West Texas Intermediate US Crude Oil climbed over $82.00 per barrel on Monday, extending a near-term bull. US Crude Oil tested its highest barrel prices since November, hitting a 16-week high of $82.46 to kick off the new trading week.

The EIA’s barrel counts are expected to be further drawn down by a scant 25K barrels after the previous week’s decline of -1.5 million. WTI technical outlook Monday’s bullish bounce sees WTI trading above the $82.00 handle after catching a rebound from a previous supply zone near $80.00 per barrel. Crude Oil has gained nearly 7.5% from the last swing low below $77.00.

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