FXStreet – After bottoming out in the middle of the 50,00, the Barrel of WTI on the 51,00 before the weekly API data will be published.
WTI focus on API
The rally of crude oil prices in the first half of the week, so that it is the third winning week in a row, and at the same time, the 5 was formed-week high.
The Black Gold is not backed by the rising expectations of a continuation of the OPEC/non-OPEC agreement on Oil production cuts. A corresponding announcement can there be with the OPEC meeting on Thursday.
To expect us from the US, the Markit manufacturing PMI, the sales of new real estate and the speech by Minneapolis Fed N. Kashkari (voter, dovish). Add to this the holdings of the API report on US crude oil stock.
WTI observed levels
Currently, the WTI daily loss -0,02% at 51,12 and the next supports is are at 50.59 (Deep 23. Tai), up 49.94 (61.8% Fibo of the April to may decline and 49,64 (200-day SMA). On the other hand, Resistances can be found at 51,40 (76,4 % Fibo of the April-may decline), 52,65 (High 18. April) 53,76 (12. April).
** FXStreet News Editorial, FXStreet**