WTI Crude Oil (current price: $47.04)
Oil had a very strong day on Friday, despite the rally in the Dollar. WTI Crude finished the session with a gain of more than 1%. The crucial commodity had been rising today in early trading as well. Oil is now above the important resistance level near $46.50 after the strong rebound last week. The upcoming OPEC meeting on the 30th of November might still be in the center of attention. The member countries, especially Iraq and Iran, are still not fully supportive of the proposed production cut.
Our assessment: Oil bounced higher off the 200-day Moving Average last week, despite some negative fundamental data. A resistance is ahead near the $49 level, while support is found at $46.50.
