Crude oil prices rose on Friday, brushing aside a gloomy demand outlook by the US Energy Information Administration. Oil prices spiked after reports emerged that Saudi Arabia approached other OPEC members. The move comes as oil prices have been declining over the past month. Talks of OPEC devising a strategy to stem the oil price slide helped to push oil higher on the day.
Crude Oil Back at Resistance
Crude oil prices managed to post a strong reversal after slipping to the 52.00 level of support as anticipated. The current gains pushed oil prices to retest the 57.50 level. Establishing resistance here will now keep price action trading flat within the said levels. The Stochastics oscillator is currently pointing to a hidden bearish divergence, which will see a potential move lower.
