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WTI off highs, back near $46.30 ahead of Baker Hughes

Crude oil prices are extending the weekly recovery on Friday, pushing the barrel of West Texas Intermediate further north of the $46.00 mark.


WTI attention to data


Prices for the WTI are rising for the second day in a row on Friday, gaining more than 6% since Monday’s lows in the $43.60 area. Today’s increasing weakness around the buck is also helping the upside in oil following poor CPI figures for the month of June.


WTI derived extra support this week in response to a bigger-than-expected draw from US supplies, as reported by both the API (Tuesday) and the EIA (Wednesday).


However, optimism remains firm among traders despite US oil production hit a fresh cycle high and the compliance with the OPEC output cut deal dropped to the lowest level in 6 months to 78% from 95% in May.


Later in the session, driller Baker Hughes will report on the weekly US drilling activity, closing the oil calendar this week.


WTI levels to consider


At the moment the barrel of WTI is gaining 0.72% at $46.41 and a break above $46.72 (high Jul.14) would open the door to $47.03 (50% Fibo of the May-June decline) and then $47.31 (high Jul.4). On the other hand, the immediate support aligns at $45.85 (38.2% Fibo of the May-June decline ) seconded by $44.77 (21-day sma) and finally $43.65 (low Jul.10).

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