FXStreet – The 5-week high was formed in the vicinity of the 52,00$, but then WTI crude oil came under pressure and it fell below the European Crash Low, before a recovery to a stake of 50.65/70 used.
The movement of the market impact on Thursday of the headlines around the OPEC meeting. Oil extended its losses, after it was reported that the main Oil producers and an extension of the reduction agreed to 9 months up to March 2018. This news disappointed the markets, as it was suspected that a lowering of the production rate.
Under 50.00 the next support lies at 49,25-20. On the other hand, over 52,00 Resistances at 52,65-70, 53,00, and 53,25.
** FXStreet News Editorial, FXStreet**