FXStreet – Oil Futures on the NYMEX extended their Asian consolidation with the European trade, while the eyes of the investors directed on the OPEC meeting in Vienna. Here the main theme is the extension of the deal to the Oil production reduction.
The gains remain limited because of the decline in US gasoline inventories was less than expected, as the EIA report on Wednesday.
The Oil price can fall with the decision of the OPEC and non-OPEC Deal strongly if the “Sell the fact”.
WTI crude technical levels
Above the psychological mark of 52 $, the next Resistances lie at 52,65 (High 19. May) and at the psychological level of 53 $. On the other hand, supports are located at 51,28 (5-day MA), 50,42 (200-day MA) and 49,88 (50-day MA).
** FXStreet News Editorial, FXStreet**