Crude oil rises further as OPEC and non-OPEC output pact likely to continue. WTI is up more than 2%, trimming last week losses. Crude oil prices jumped and extended gains following reports that suggested that Saudi Arabia, other OPEC states, and non-OPEC producers will continue to cooperate until the end of 2018. Also, it was mentioned that any adjustment in global output will be gradual. Stabilization and correction WTI (oil futures on NYMEX) was trading modestly higher, showing signals of stabilization for the third-day in-a-row after last week slide of more than 8%. Following OPEC related headlines broke above $66.30 a barrel and jumped to $68.20 reaching the highest level since last Friday. Previously, the better tone around financial market following yesterdays decline and a weaker US Dollar, offered support to commodity prices. As of writing, it was hovering around $68.00, up 2.10% for the day but still more than 5% below the level it had a week ago. WTI Short-term Levels To the downside, support levels might be seen at $68.00, $67.30 (May 29 high) and $66.00. On the upside, immediate resistance is located at $68.20 (May 30 high), followed by $68.65 and $69.55. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Italy: 5-Star calls for Savona to withdraw candidacy for econ min to allow govt formation FX Street 5 years Crude oil rises further as OPEC and non-OPEC output pact likely to continue. WTI is up more than 2%, trimming last week losses. Crude oil prices jumped and extended gains following reports that suggested that Saudi Arabia, other OPEC states, and non-OPEC producers will continue to cooperate until the end of 2018. Also, it was mentioned that any adjustment in global output will be gradual. Stabilization and correction WTI (oil futures on NYMEX) was trading modestly higher, showing signals of stabilization for the third-day in-a-row after last week slide of more than 8%. Following OPEC related headlines broke above… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
