WTI looks for direction above $51.00 ahead of OPEC decision

• The barrel of WTI sticks to daily gains in the mid-$51.00s.
• Attention remains on the OPEC meeting and output cuts.
• Next on tap will be oil rig count by Baker Hughes.

Prices of the barrel of the West Texas Intermediate are trading on a cautious tone above the $51.00 mark ahead of the key OPEC meeting.

WTI focused on OPEC

Prices of the American reference for the sweet light crude oil stay sidelined above the $51.00 mark per barrel on Friday as investors keep waiting for the decision of the OPEC meeting regarding output cuts.

It is worth mentioning that the cartel failed to clinch a deal on Thursday after Russia remained absent from any commitment.

Today’s meeting is all about Iran and its exemption request until US sanctions on the country’s oil exports are removed.

Looking ahead, Baker Hughes will publish its weekly report on the US drilling activity.

WTI significant levels

At the moment the barrel of WTI is up 0.19% at $51.72 facing the next barrier at $53.84 (21-day SMA) followed by $54.45 (high Dec.4) and finally $57.94 (high Nov.16). On the downside, a breach of $50.02 (low Dec.6) would aim for $49.34 (2018 low Nov.28) and then $48.92 (monthly low Oct.6 2017).