- The price of crude oil continues to advance after hitting lows since August on Thursday.
- The WTI barrel climbs towards $ 68.50 and shows signs of a bottom.
- Focus on US employment report on Friday, number of oil rigs will also be published.
Oil prices are rising on Friday, continuing the recovery after falling to a month-low on Thursday.. The WTI barrel that traded below $ 63.00 the previous day is now at $ 68.40, up 1.50% on the day, before major US economic data
The strong rebound in crude oil encourages analysts to think that a temporary floor may have been established and that what started is a lasting rebound. The intensity of the bounce could find resistance around $ 70.00. Above the next resistance is $ 72.70. In the opposite direction, a close below $ 65.00 would mark that the worst may not have been left behind, and would expose the recent low.
The drop in the price on Thursday came after the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC +) to continue with the increase in production levels expected for January. There was some expectation of a pause in cuts after the impact of the COVID Omicron variant and after the US and other countries released oil from their strategic reserves.
On Friday the key event for the markets will be the US employment report for November. The Baker Hughes number of oil rigs will be released later.
Technical levels
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