WTI downward correction from the intraday high, before the API, in the vicinity of the 49,00 $

FXStreet – After the climb to the day’s high to 49,30, it came to a downward correction to 49,00 before important data will be released.

WTI is now looking at the API report

The crude oil prices to build their upward movement on the 4. Session in a row after they were able to capture in the last 8 trading days are 6 days with a win. Starting with the new 2017 Deep in the area of 43,70 the winnings add up to the yesterday’s high for the year of 49,60/70 to more than 14 %.

Is supported the Oil market by rising hopes on an Expansion of the OPEC/non-OPEC agreement on Oil production cuts through June. An appropriate announcement. the next OPEC meeting on 25 May.

Kuwait, a castle, today, the opinion of Saudi Arabia and Russia that the agreement may be extended to Q1 2018.

Today, the US crude oil stocks through the API published on the EIA crude oil inventories and on Friday, US Oil Rig Counts from Baker Hughes follow.

WTI observed levels

Currently, the WTI daily profit 0,49% 49,09 and the next Resistances is at 49,66 (High 15. May), 49,76 (55-day SMA) and up 49.94 (61.8% Fibo of the April-may decline). On the other hand, supports are located at 48,76 (50 % Fibo of the April-may decline), 48,32 (20-day SMA) and 47,58 (38,2 % Fibo of the April-may decline).

** FXStreet News Editorial, FXStreet**

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