WTI Crude Oil Marks a Five-Week Winning Streak

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Oil prices settled on Friday with gains, after closing near $46.12 a barrel. The gains come after OPEC+ agreed to raise output by 500,000 barrels.

After rising past the 45.00 level of resistance, oil prices are likely to look for further gains. This is if the 45.00 level of support holds.

If oil prices lose the 45.00 handle, then we could see a correction to the 43.50 level of support. The Stochastics oscillator remains mixed for the moment.

Therefore, oil prices will need to form higher highs to confirm the continuation to the upside.

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