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  • Prices of the WTI are navigating levels above the $50.00 mark/bbl.
  • OPEC+ meeting, output cuts remain in centre stage.
  • Baker Hughes next on tap with the weekly oil rig count.

Prices of the barrel of the American reference for the sweet light crude oil are trading on the defensive so far today and navigating within a narrow range above the critical $50.00 mark.

WTI looks to G20, OPEC, data

Prices of the barrel of the West Texas Intermediate are extending the sideline theme so far on Friday, managing well to keep the trade above the psychological $50.00 handle.

Traders, in the meantime, have shifted their focus to the upcoming meeting between President Trump and China’s Xi Jinping with the ongoing US-China trade dispute in the centre of the debate.

In addition, cautiousness is expected to grow bigger in the next days as the OPEC+ meeting in Vienna on December 6-7 will decide on output cuts.

Looking ahead, driller Baker Hughes will report on its weekly US oil rig count.

WTI significant levels

At the moment the barrel of WTI is down 1.35% at $50.45 and a break below $49.34 (2018 low Nov.28) would pave the way for a test of $48.92 (monthly low Oct.6 2017) and then $45.60 (monthly low Aug.31 2017). On the upside, the next barrier lines up at $52.41 (high Nov.28) seconded by $52.53 (10-day SMA) and finally $56.12 (21-day SMA).