Oil retreated from its new rally high above the 47 level and finished the session slightly lower with a loss of less than 1%. No major news came out regarding the commodity on Friday, and despite the weak Chinese Industrial Production number on Saturday, the crucial commodity is up by more than 1% today in early trading. The short-term advancing trend-line provides support at 46.50 with all eyes on the 47 support/resistance level. If oil manages to stay above 47, the next target zone is between 49.30 and 50.
Our assessment: Oil is trading near 47.50 this morning and a new leg up might take the commodity close the key 50 level later on this week.
