Oil: WTI hits 8-week highs near $50

Crude oil prices were rising on Friday. The West Texas Intermediate was rising more than 1% and reached at $49.70, the highest level since late June. 

WTI eyes $50

Price is up for the fifth day in a row. Since the beginning of the week, it rose 8.60%. A decline of the US dollar, inventories data and slowing shale output in the US offered support to the rally. 

Economic data released today weakened the US dollar. Data showed that US growth during Q2 increased to 2.6% from 1.2%. 

At the moment, WTI trades slightly below the highs, looking at the $50 area. Investors await the report on US drilling activity. Equity prices on Wall Street were down, despite the rise in oil price. Disappointing earnings report hit technology shares. The Dow Jones was falling 0.06% and the Nasdaq was down 0.42%. 

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WTI Levels to watch 

The resistances could be seen at $49.90 (200-day moving average), $50.00 (psychological) and $50.30 (May 29 high). On the flip side, supports might lie at $49.25 (Jul 27 high), $48.80 (daily low) and $48.22 (5-day moving average).