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WTI firmer above $ 46 as Russia agrees to meet OPEC

FXStreet (Mumbai) - WTI oil on NYMEX extends its upward momentum from Asian and surpasses $ 46 threshold in the European morning, as the latest reports surrounding Russia’s agreement and the drop in US rig count boosted the prices.

WTI rises from $ 45.90 levels

Currently, WTI trades 1.34% higher at 46.14, retreating slightly from fresh session highs reached at 46.24 in last hours. The oil prices witnessed a sudden bout of fresh buying interest as oil traders positively reacted to the news that Russia was ready to meet OPEC and non-OPEC producers to discuss global oil markets.

The Russian agreement reports boosted the black gold prices, as Russia so far has been unwilling to cut output to support crude prices and cooperate with the OPEC, in a bid to defend its market share.

Moreover, oil prices also remain underpinned by the US oil rig count data which showed that the number of oil rig counts in the US dropped by 26 over the past week and the fifth straight weekly fall, signalling slowdown in production as the US drillers move away amid falling oil prices.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 46.74 levels above which gains could be extended to 47.15 levels. Meanwhile, support is seen 43.92 levels from here losses could be extended to 43.

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