WTI posts strong gains, trades above $40 ahead of Baker Hughes data

Risk-on environment helps crude oil prices push higher on Friday.
OPEC+ reassures market of better compliance with output cuts.
Baker Hughes will publish its weekly US Oil Rig Count at 1700 GMT.

Crude oil prices built on Thursday gains with the barrel of West Texas Intermediate (WTI) climbing above $40 for the first time in 11 days. As of writing, the WTI was trading at $40.10, gaining 3.26% on a daily basis. Furthermore, the barrel of Brent is up 3.1% on the day at $42.65.

With Friday's advance, the WTI is rising nearly 10% for the week and remains on track to post its best weekly close since early March.

OPEC headlines lift crude oil prices

Following the Joint Ministerial Monitoring Committee (JMMC) meeting on Thursday, OPEC and its allies, a group known as OPEC+, pledged for improved compliance with agreed output cut and provided a boost to crude oil prices.

Meanwhile, the upbeat market mood, as reflected by rising global equity indexes, is also helping risk-sensitive oil extends its upside on the last day of the week.

Later in the session, Baker Hughes Energy Services' weekly US Oil Rig Count data will be looked upon for fresh impetus.

Technical levels to watch for

WTI

Overview
Today last price	40.28
Today Daily Change	1.27
Today Daily Change %	3.26
Today daily open	39.01

Trends
Daily SMA20	36.59
Daily SMA50	29.35
Daily SMA100	34.66
Daily SMA200	45.97

Levels
Previous Daily High	39.16
Previous Daily Low	37.41
Previous Weekly High	40.61
Previous Weekly Low	34.72
Previous Monthly High	35.92
Previous Monthly Low	19.61
Daily Fibonacci 38.2%	38.49
Daily Fibonacci 61.8%	38.08
Daily Pivot Point S1	37.89
Daily Pivot Point S2	36.78
Daily Pivot Point S3	36.14
Daily Pivot Point R1	39.65
Daily Pivot Point R2	40.28
Daily Pivot Point R3	41.4

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.