WTI jumps over 2% to $47.30 on deal hopes

The West Texas Intermediate has rapidly reverted the negative start and is now up more than 2% beyond the $47.00 mark per barrel, or session highs.

WTI stronger on deal hopes

Prices for the barrel of WTI remain in the upper end of the range so far today as expectations of a positive outcome at the OPEC meeting on Wednesday remain on the rise.

OPEC/Non-OPEC officials have reiterated today that they remain optimistic on the likeliness that a deal to limit the oil production could be clinched in Vienna later this week, triggering a bull run in crude oil prices to levels above the $47.00 barrier.

Prices are thus rebounding more than $2 from lows around the $45.00 mark, coincident with the 200-day sma, to the current $47.20/30 band.

Apart from the OPEC meeting on Wednesday, crude oil prices will remain vigilant on the usual reports on US inventories by the API and the EIA as well as Non-farm Payrolls during November (Friday).

WTI levels to consider

At the moment the barrel of WTI is up 2.58% at $47.25 and a breakout of  $49.22 (high Nov.22) would aim for $50.54 (high Jun.22) and then $51.60 (high Oct.10). On the downside, the next support lines up at $45.16 (low Nov.28) followed by $44.96 (200-day sma) and finally $44.55 (low Nov.18).

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