FXStreet — Oil prices strengthened on Thursday in the trade over the course of your gains. The prices for a barrel of the US variety of West Texas Intermediate (WTI) traded recently at 48,00 $ on a new Multi-day High.
The Texas Oil climbed on Thursday on a new High over the round mark of the 48.00 Dollar. Growing hopes for an extension of OPEC and non-OPEC production cut in June, in addition to today’s drivers. At the end of may, the oil Minister of OPEC and major Non-OPEC will decide States.
In addition, yesterday’s decline in US crude oil stocks such as water on the mills of the Oil price had. The US Department of energy reported that stocks in the week ending 05. May had declined by more than 5.2 million barrels. Already on Wednesday, the American Petroleum Institute (API) had reported a fall of 5.8 million barrels.
In the meantime, the prices for a barrel of the US variety of West Texas Intermediate (WTI) have risen since the previous week’s low at 43,70 Dollar by about 10 percent. The black Gold is likely to achieve the first positive Weekly close after a three-week losses in a row.
On Friday, the U.S. service provider Baker Hughes will publish the number of active oil Drilling in the United States.
WTI — Important course brands
The WTI traded last on 47,88 $ 1.16 per cent in the Plus. The next Resistances lie at 48,76 (50% Fibo), 48,94 (20-day line) and 49,39 (the 200-day line). Technical supports are at 46,01 (Deep 10. May), 45,53 (Deep 09. May) and 43,76 (Deep 05. To find may 2017).
** FXStreet News Editorial, FXStreet**