WTI jumps above $46.00, session tops

Crude oil prices have reverted Friday’s drop and are now lifting the barrel of West Texas Intermediate back above the $46.00 mark.

WTI stronger on Saudi Arabia, Russia

Prices for the black gold have been boosted after Saudi Arabia and Russia could make a joint statement at the G20 meeting in China aiming to support the oil market. News also notes that both countries could meet in Vienna in November.

Adding to the higher oil prices, the greenback remains on the defensive, surrendering part of post-Payrolls gains.

WTI levels to consider

At the moment the barrel of WTI is up 4.60% at $46.18 and a break above $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.9). On the other hand, the next support aligns at $43.00 (low Sep.1) followed by $41.10 (low Aug.11) and finally $39.19 (low Aug.3).