FXStreet – After the Test of the highs in the vicinity of the 49,80, pulled back the Barrel of WTI on the 49,35/30.
WTI is rising with OPEC rumors, Oil Rig Counts in the view
The buying interest is supported by the hopes of Strengthening the OPEC/non-OPEC production cuts through June,.
The Saudi oil Minister said on Friday that the approval for an Expansion of the statement is important. Russia’s Novak said, however, that his country is definitely the Position of the expansion of the production cut at the meeting on 24. May is represented.
The Baker Hughes report on the US Oil Rig Count will be published later. In the last week the number had risen to 5 to 688.
WTI observed levels
Currently, the WTI daily profit is 0.76 % 49,34 and the next Resistances lie at 49,59 (61.8% Fibo of the March to April rally), 50,20 (26th April) and 51,09 (20-day SMA). On the other hand, supports at 48,45 (78,6% Fibo of the March to April rally), 48,20 (Deep 27. April) and 47,01 (2017 Low 22. March).
** FXStreet News Editorial, FXStreet**