WTI gains traction above $49.00, Baker Hughes eyed

Pablo Piovano FXStreet

After testing highs near $49.80, prices for the barrel of West Texas Intermediate have now returned to the $49.35/30 band.

WTI up on OPEC rumours, oil rig count on sight

Prices for the WTI regained buying interest following rising hopes of an extension of the OPEC/non-OPEC output cut deal beyond June.

Saudi Oil Minister said earlier on Friday that it is important to agree on an extension of the agreement, while his Russian peer Novak said the country will define its position on the matter at the May 24 meeting.

Rumours have helped prices to revert the recent bearish trend and to remove some scepticism over the effectiveness of the ongoing deal to balance the oil market.

Later in the day, driller baker Hughes will publish its weekly report on US oil rig count (+5 to 688 active rigs prev.).

WTI levels to consider

At the moment the barrel of WTI is gaining 0.76% at $49.34 and a surpass of $49.59 (61.8% Fibo of the March-April rally) would aim for $50.20 (high Apr.26) and finally $51.09 (20-day sma). On the downside, the immediate barrier emerges at $48.45 (78.6% Fibo of the March-April rally) followed by $48.20 (low Apr.27) and then $47.01 (2017 low Mar.22).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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