Crude oil prices edged higher on Friday but trade lower on Monday morning as traders are optimistic on the decision from major oil producers to extend
Crude oil prices edged higher on Friday but trade lower on Monday morning as traders are optimistic on the decision from major oil producers to extend cuts by nine months through 2018. WTI crude oil is trading at $57.80, down 0.94% as of 8:00 GMT.
OPEC and non-OPEC producers met on Thursday in Vienna, Austria, agreed to continue the cut supply by 1.8 million barrels per day (bpd) until the end of 2018.
Khalid Al-Falih said a draw of about 150 million barrels was required to bring global crude inventories back to the five-year average.
According to a report from Baker Hughes – the number of oil rigs operating in the US rose by 2 to 749.
Technical view
Crude oil daily chart has formed the Rising wedge pattern, the last market session has been bullish as it retested the channel’s support line and climbed up.
WTI Crude Oil Daily Chart
The market is expected to continue its bullish rally that might extend to $58.50-$59 levels in the upcoming sessions. Resistance holds near $59 and Support holds at $57.50.