After testing highs near 49.80, the price of a barrel of West Texas Intermediate has gone back to 49.35/us $ 30.
WTI on rumors of OPEC, the account of the oil rig to the view
The prices of the WTI regained buying interest after the growing hopes of an extension of the agreement of OPEC/non-OPEC out of the market after June.
The minister saudi Oil said Friday that it is important to agree an extension of the agreement, while his Russian counterpart Novak said that the country will define its position at the meeting of 24 may. The rumors have helped prices to reverse the recent bearish trend, and to remove some skepticism on the effectiveness of the agreement in the course to balance the oil market.
Later, the oil producer Hughes will publish its weekly report on the count of american platforms (688 previous, +5 expected)
WTI levels to consider
The barrel of WTI is gaining 0.76% to 49.34 usd and overcoming 49.59 dollars (61.8% Fibo of the rally from march to April) would point to 50.20 $ (maximum of 26 April) and finally to 51.09 dollars (SMA of 20 days).
On the negative side, the immediate hurdle emerges 48.45 (78.6% Fibo of march-April) followed by 48.20 (minimum of 27 of April) and then 47.01 (minimum of 22 of march 2017).