WTI Crude Oil (current price: $49.77)
Oil has declined during the last two sessions following a more than 10% rally that was sparked by the OPEC’s decision regarding a production cut. The uncertainty regarding the Pound weighed on risk assets earlier on Friday, as the worse than expected Non-Farm Payrolls number also pushed the crucial commodity lower in the afternoon session. WTI Crude continues to hover around the $50 level, just below the previous highs around $52.50, despite the recent strength in the Dollar.
Our assessment: Oil is still trading in a long-term uptrend, with the 200-day MA being found well below the current price near $42, with primary support at $49.
