FXStreet — After the strong Gain in the past two days, Oil prices may extend the recent momentum on Friday. The prices for the US variety of West Texas Intermediate (WTI) to move sideways below the level of 48 dollars. Recently the Texan Oil type listed on 47,65 $ 0.38 per cent in the Minus.
In the United States the active Drilling for oil in the past week have risen by 9 to 712, such as the US-services provider Baker Hughes announced on Friday. This corresponds to the highest level since 17. April 2015. In spite of the ever-growing Bohraktivität these data were not able to move Oil prices at the weekend in a sustainable way. For 17 weeks, the Drilling for oil have risen already.
On a weekly basis, the WTI barrel is on the way to a win, having fallen for the previous three weeks in a row and in the previous week’s Five-month had renewed Low at 43,76 dollars. In the short term, continue the speculation about an extension of the OPEC and Non-OPEC production cuts are expected to affect about June, in addition to the course development.
The next Resistances lie at 47 (psychological mark), 47,75 (High 04. May) and 48,25 (High 03. May). On the downside, the psychological mark of 45 to define the Depth of 10. November in ceramic 44.25 and the Low of the 04. May 43,75 the next supports.
** FXStreet News Editorial, FXStreet**