WTI rises to $37.40 during the pre-Tokyo open Asian trading on Monday. The black gold slumped to the lowest since September 09 on Friday but stepped back from closing below an ascending trend line connecting lows marked in mid-June and early September.
The buyers are currently attacking 50% Fibonacci retracement level of May 22 to August 26 run-up, near $37.40, a daily close beyond the same will aim for 38.2% Fibonacci retracement and 21-day SMA, close to $38.90-$39.00, during the further rise.