- Oil prices are one of the few things to go up on Friday.
- WTI barrel rebounds more than $3 from daily low.
- Supply problems seem to exceed negative expectations.
The oil price is rising on friday, after experiencing a big rebound. The barrel of WTI (trading platforms) had fallen to $103.05, the lowest in a week, and then climbed to $107.40. It is erasing part of the gains and is trading just above $106.00.
Supply problems due to the situation in Libya and due to a cut in production in Norway, favored the rebound. In any case, the general picture looks complicated given the expectations of lower global growth, which would translate into lower demand.
Oil manages to escape a general drop in commodity prices on Friday and a rise in the dollar. The greenback continues to demand in a context of risk aversion.
For the week, WTI is on track to finish on neutral ground. On the positive side, it remained above $100.00, but it ends very far from the maximum, indicating that the rises remain unstable.
Technical levels
Source: Fx Street
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