WTI targets 2016 highs around $50.00

Crude oil prices continue their march higher on Tuesday, lifting the West Texas Intermediate to the vicinity of the psychological handle at $50.00 per barrel.

WTI up on oil disruptions, API eyed

Prices for the WTI have inched higher today as supply disruptions in Nigeria continue to weigh on sentiment following militant attacks over the weekend.

In addition, the offered tone surrounding the dollar is acting as an extra source of buying interest for crude oil prices, all ahead of the weekly API report on crude stockpiles due later in the NA session.

WTI levels to consider

At the moment the barrel of WTI is advancing 0.74% at $50.06 facing the next hurdle at $50.21 (2016 high May 26) followed by $50.92 (high Oct.9 2015) and finally $53.85 (high Jul.10 2015). On the other hand, a breach of $48.74 (20-day sma) would open the door to $46.73 (low May 19) and then $44.26 (55-day sma).