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WTI extends gains beyond $ 45 on firm China demand

FXStreet (Mumbai) - WTI oil on NYMEX trades in the positive territory for the second straight session on Friday, as traders assess the latest comments from Fed’s Yellen while pick-up in Chinese oil demand also supported the black gold.

US GDP data in focus

Currently, WTI trades over 0.73% higher at 45.24, retreating from session highs reached at 45.46. US oil extends its recovery from a dip below $ 44 on reports of rising oil demand from the world’s second largest oil consumer, China.

China’s inventory report showed, while China's commercial crude oil stocks were virtually flat between July and August, refined fuel stocks sank 7.82%, highlighting pick-up in demand.

However, the upside in oil prices remain capped on the back of strengthening US dollar across the board, after Fed Chair Yellen in her recent speech, backed the case for rate-hike later this year.

Later in the day, oil traders will watch for the US dollar moves as the US GDP figures are likely to spur some volatility in the market.

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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