WTI around $49.00 ahead of data, G20

Crude oil prices are rebounding from 2017 lows seen earlier in the week, with the West Texas Intermediate looking to extend gains further north of the $49.00 mark per barrel ahead of data.

WTI focus on rig count

Prices for the black gold regained some attention on Friday after Saudi Energy Minister hinted at the possibility that the output cut deal could be extended beyond the initial 6-month period.

However, the inability of prices to advance further seems justified, as traders stay wary of the prospects of rising US production, as per the persistent increment in the drilling activity. In fact, active US oil rigs has increased to levels last seen in October 2015, according to driller Baker Hughes.

Lending some support to prices, compliance with the OPEC/non-OPEC deal to cut oil production remains high, while the selling mood around the buck is also adding some support.

WTI levels to consider

At the moment the barrel of WTI is up 0.53% at $49.01 and a breakout of $49.62 (high Mar.16) would aim for $50.11 (high Mar.10) and finally $50.90 (100-day sma). On the downside, the next support is located at $48.69 (200-day sma) followed by $48.45 (low Mar.16) and then $47.09 (2017 low Mar.14).