Crude oil prices are extending their rally at the beginning of the week, managing to break above the key $37.00 mark per barrel. WTI up on recovery hopes Prices fir the West Texas Intermediate are navigating 2-month peaks in the vicinity of the $37.00 handle boosted by hopes of a recovery in the oil market and improving outlook on the global economy. However, and according to experts, the supply glut is far from over, pouring cold water over the extent of the ongoing rally. On the data space, the API will publish its weekly report on stockpiles tomorrow, followed by the EIA’s report on inventories on Wednesday and Friday’s US oil rig count by driller Baker Hughes. WTI levels to consider At the moment the barrel of WTI is up 3.48% at $37.17 facing the next hurdle at $38.39 (2016 high Jan.4) ahead of $43.46 (high Nov.24 2015) and finally 48.36 (high Nov.3 2015). On the other hand, a breach of $35.48 (76.4% Fibo of $38.39-$26.05) would aim for $33.68 (61.8% Fibo of $38.39-$26.05) and then $32.22 (55-day sma). For more information, read our latest forex news.