WTI firmer near $43.60 ahead of Payrolls

Crude oil prices have recovered the smile today, now pushing the barrel of West Texas Intermediate to the $43.60 area, or daily highs.

WTI bid ahead of NFP

After briefly testing the $43.00 neighbourhood on Thursday, prices for the barrel of WTI has rebounded to the mid-$43.00 despite the renewed buying interest around the greenback, although they remain in the area of 3-week lows.

Crude oil prices were initially supported after Russian President V.Putin advocated for a production freeze between oil producers in order to stabilize the market, all in light of the upcoming OPEC meeting later in the month.

Later in the NA session, the release of US Non-farm Payrolls will leave the bulk of the attention to the greenback (180K exp.).

WTI levels to consider

At the moment the barrel of WTI is up 0.81% at $43.51 and a break above $45.43 (55-day sma) would open the door to $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9). On the other hand, the next support aligns at $41.10 (low Aug.11) followed by $40.61 (200-day sma) and finally $39.19 (low Aug.3).