WTI bounces off lows, cut losses to $45.30

Crude oil prices keep the weekly upside well and sound on Friday, with the barrel of West Texas Intermediate now testing the $45.30/35 band.

WTI focus on OPEC headlines, Fedspeak

Despite the ongoing correction lower, prices for the WTI are reverting three consecutive weeks with losses, managing to leave behind recent lows in the vicinity of the $42.00 mark, coincident with the 55-week sma.

The softer tone around the greenback at the end of the week is also helping the USD-denominated assets, and specially commodities, to recover part of the ground lost in response to the recent (and ongoing) strong upside in USD.

In addition, headlines emphasizing the optimism around the potential deal on an output freeze at the OPEC meeting in Vienna on November 30, has been supportive of the bounce in crude oil prices.

Ahead in the session, the weekly report on the US drilling activity by Baker Hughes is due along with speeches by J.Bullard (voter, dovish), New York Fed W. Dudley (permanent voter, neutral), KC Fed E.George (voter, hawkish) and Dallas Fed R.Kaplan (2017 voter, neutral).

WTI levels to consider

At the moment the barrel of WTI is losing 0.42% at $45.23 and a break below $44.41 (200-day sma) would aim for $42.20 (low Nov.14) and finally $41.10 (low Aug.11). On the other hand, the immediate hurdle is located at $47.94 (100-day sma) followed by $46.21 (20-day sma) and then $46.58 (high Nov.17).

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