WTI Crude Oil Trading

1. Oil was lifted on the sentiment that OPEC sentiment.
2. Bulls knocking on the door of a 61.8% Fibo retracement target confluence area.

Oil prices have been trading on the bid over the past twenty-four hours, with West Texas Intermediate crude, (WTI), rising from a low of $56.59 to a high of $58.25, adding 1.91% at the time of writing as investors bank on production cuts from the Organization of the Petroleum Exporting Countries, (OPEC), and its allies.
At the time of writing, WTI is trading at $58.15 and close to its highest levels of the day so far despite US benchmarks in the red. While there had been a report earlier in the Wall Street Journal which stated that China’s top trade negotiator invited his U.S. counterparts to a new round of face-to-face talks, stocks were unable to garner much impetus from that and instead investors are more concerned over a number of prior headlines in the week so far that are quite to the contrary of such optimism. For oil, we had news that Yemeni Houthis claimed to shoot down a Saudi coalition F-15 which helped boost oil prices. Also, US inventory builds were not as bad as expected.
WTI gets a boost on OPEC
Oil was also lifted on the sentiment that OPEC and its allies, including Russia, will probably agree to continue with production cuts when they meet in Vienna on the 5th and 6th of December, a long await meeting from where investors hope oil will find some traction – Reuters was citing OPEC sources with that story.
However, to the contrary, analysts at TD Securities argued that with "large surpluses in early 2020 still linger on the horizon, especially as OPEC+ appear hesitant to deepen output cuts when they meet in December — we would not be surprised to see prices move back to the low $50s into 2020."

WTI levels
The price is up to the highest levels since late September, breaking the 57.80/90 resistance with 58.60/80 on the map, a confluence of the 61.8% Fibonacci level of the Sep 19 highs and October lows and the late July highs. 60.80 is a confluence of the 78.6% Fibo and July highs. 55 the figure, as trend line support, guards a run back to the 23.6% Fibo of the same range located around 53.90 and late Oct lows a fraction below there.

1. Oil bulls gathering pace for a test of the 59 handle.
2. Trade deal doubts and dollar strength is limiting the upmove.
3. Oil awaits fresh trade headlines and US Rigs and macro data for the next direction.

WTI (oil futures on NYMEX) is seen moving back and forth in a 50 cents range above the 58 handle so far this Friday, as the bulls consolidate the recent upsurge before the next push higher.
The black gold pauses its two-day rebound in the European session, although remains in close vicinity of two-month tops of 58.66 reached a day before. The minor pullback in prices is mainly due to the lingering uncertainty over the US-China interim trade deal following dozens of mixed trade headlines from both countries.
The US-China trade anxiety continues to keep the investors unnerved and worries over its effect on the global economic and crude demand growth outlook. Therefore, markets resort to safe-havens such as the US dollar at the expense of the higher-yielding oil.
The barrel of WTI rallied on Thursday following the Reuters report that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet in Vienna on Dec. 5.
Also, reports of the biggest drawdown in three months for the US crude stock stockpiles at Cushing, Oklahoma, collaborated to the recent upbeat momentum in the commodity. Attention now turns towards the US Manufacturing Sector activity report and Baker Hughes Rigs Count data for near-term trading opportunities.