The positive streak in crude oil prices stay everything but abated today, with the barrel of West Texas Intermediate advancing to the $45.30/40 region at the time of writing. In the meantime, prices for the WTI have managed to extend the rebound off recent multi-month lows in the $42.00 neighbourhood, gaining around $3 so far despite rising scepticism around the OPEC agreement to cut the oil output. However, recent figures from the EIA’s weekly report showed US oil production dropped to 9.33 million barrels during the week ended on June 23 along with higher than expected draw in gasoline inventories, fuelling some optimism among traders and apparently enough to keep the rally alive. The decrease in US oil output, however, could obey to maintenance works and weather conditions. Notwithstanding the current rally, traders are still wary of the potential supply glut amidst the up trend in US oil production and reports of rising production from countries such as Iraq and Libya, which are not included in the OPEC/non-OPEC deal. Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count, which has been increasing uninterruptedly since January 13th. At the moment the barrel of WTI is up 1.10% at $45.23 and a break above $45.85 (38.2% Fibo of the May-June decline) would aim for $46.71 (high Jun.12) and then $47.67 (55-day sma). On the other hand, the next down barrier is located at $44.40 (23.6% Fibo of the May-June decline ) seconded by $42.05 (2017 low Jun.21) and finally $41.10 (low Aug.11 2016).