FXStreet (Edinburgh) – Prices for the West Texas Intermediate are extending their recovery from Friday’s lows, returning to the mid-$46.00s after climbing as high as $46.80 per barrel.
WTI boosted by Russia talks
Crude oil prices have reacted positively to the chances that Russia and the rest of the global oil producers – OPEC and non-OPEC countries – could start talks on the prospects of global oil markets.
In addition, traders remain optimistic after another drop in US oil rigs count reported by driller Baker Hughes on Friday, fuelling rumours that a slowdown in US output could be on the cards.
The barrel of crude oil is advancing for the fourth consecutive week so far, supported by the $44.00 neighbourhood and closer to test recent peaks in the low-$48.00s recorded in early-September.
WTI levels to consider
At the moment the barrel of WTI is advancing 2.20% at $46.53 with the next resistance at $47.10 (high Oct.1) ahead of $47.15 (high Sep.23). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).
(Market News Provided by FXstreet)