WTI much firmer, rallies above $39.00

By FXStreet The barrel of the American benchmark for the light crude oil is gaining more than 5% on Friday, testing fresh highs above the $39.00 mark.

WTI closer to $40.00

Crude oil prices have reverted the weekly downside today, trading in multi-day peaks near the psychological mark at $40.00.

Expectations of tightening conditions in the oil market in the medium term have been supporting the upbeat sentiment today, as we get closer to the meeting in Doha between OPEC and non-OPEC countries regarding the potential output freeze.

In addition, prospects of increasing demand for fuel in the US and German economies have been also sustaining the upside.

Ahead in the session, US oil rig count by driller Baker Hughes is due.

WTI levels to consider

At the moment the barrel of WTI is gaining 5.21% at $39.20 and a break above $40.12 (high Mar.28) would aim for $40.43 (200-day sma) and finally $41.90 (2016 high Mar.22). On the other hand, the immediate support is located at $35.09 (100-day sma) ahead of $34.38 (55-day sma) and then $32.10 (38.2% Fibo of $26.05-$41.90).
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Source:: FX Street