Oil futures on NYMEX continues to trade in tight trading ranges, almost unchanged on the day, as traders await the outcome of the OPEC/ non-OPEC joint meeting for fresh direction.
The latest remarks from the Russian Energy Minister hinted towards the discussion of monitoring oil exports at the meeting, which sent the rate back towards mid-50s. Markets remain expectant of some positive news on an extension to output cuts beyond March at the meeting today.
Meanwhile, the black gold continues to remain within a striking distance of four-month tops reached near $ 51 mark earlier this week. The prices remain underpinned, in the wake of the latest comments from Goldman Sachs, citing that “we believe it is unlikely that the committee will recommend extension of cuts this week.”
Also, of note for oil remains the US oil rig count data due to be published by the Bakers and Hughes oilfields services later in the American session. At the time of writing, WTI trades modestly flat at $ 50.52, while Brent steadies at $ 56.33 levels.
WTI technical levels
To the topside, resistances are aligned at $ 51.00 (round number), followed by $ 52 (week ended May 20 high) and $ 52.50 (psychological levels). Supports are located at $ 50.20 (5-DMA), 49.87 (10-DMA) and 48.94/90 (20 & 200-DMA).
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