WTI Crude Oil (current price: $54.45)
Oil advanced sharply in the afternoon session on Friday. The crucial commodity gained ground for the third day in a row, despite the bearish U.S. inventory and production data. Friday’s rally was helped by a report regarding the production of the OPEC countries. The cartel’s output is still in line with the agreement concerning a concentrated production cut. WTI Crude is now back above the $54 level, and it is getting close to the prior highs near $55 per barrel.
Our assessment: Oil is near the top of the dominant flag consolidation pattern this morning after the volatile week. WTI Crude bounced higher off the $52 support level once again.
