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.

Eren Sengezer FXStreet

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

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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