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WTI rebounds in Asia on Russia talks

FXStreet (Mumbai) - WTI oil snapped previous run of losses and swung back higher on Friday, as markets cheer the latest news from Russia while also digesting the weekly inventory report.

WTI eyes hourly 100-SMA

Currently, WTI trades 1.16% higher at 46.92, retreating slightly from fresh session highs reached at 97.04 last minutes. Oil prices jumped in Asia and extends higher heading towards the European opening bells as oil traders positively react to the news that Russia is willingly to discuss production cuts at the upcoming OPEC meeting on Oct 21 in Vienna.

Russian Energy Minister Alexander Novak said in Kazakhstan on Thursday that Russia is ready to discuss price ranges and production cuts at the OPEC meeting.

While markets shifted their focus from the crude reserves rise to bigger than expected drop in the gasoline and distillate stocks as reflected by the EIA weekly inventory report yesterday.

Meanwhile, the gains remain in check on the back of broad based US dollar strength, triggered by upbeat US CPI and jobless claims data. The USD index now trades +0.08% higher at 94.53.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 47.25 (hourly 100-SMA) levels above which gains could be extended to 48.43 (Oct 13 High) levels. Meanwhile, support is seen 46 (round number) levels from here losses could be extended to 45.23 (50-DMA).

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