Holding on $90, WTI to close trading week with gains

WTI crude oil has rebounded to hold $90/bbl, despite a small drop on Friday.

Extended production cuts from OPEC member states are putting a tight squeeze on crude markets, sending US crude to ten-month highs.

Saudi Arabia and Russia have recently announced an extension of their current oil production cuts, extending a combined 1.3 million barrel per day decline in headline barrel production through the end of the year.

The next hurdle for buyers will be pushing crude into $100. Technical support for any moves to the downside will be at August’s last swing high near $84.00, and the nearest challenge for buyers will be the strong swing points marked in at $92.00 in late 2022.

The market is expected to end the week on the high side, with bulls firmly targeting the $100.00 major psychological level.