US CRUDE OIL

US oil price is holding within tight range on Friday following two-day recovery rally that cracked $48.00 barrier but failed to close above it.
Oil price received support from stronger than expected draw in US crude inventories and is awaiting weekly US rig count data that registered sixteenth straight weekly increase last week, rising by 6 to 703 rigs.
Oil price may stay on hold until OPEC’s 25 May meeting when oil producers will decide whether to extend production cut for next six months or not.
Meantime, oil price was so far supported by broken Fibo 38.2% level at $47.56 and is holding well above broken 10SMA at $47.17 that keeps the price supported.
However, sustained break above $48.00 handle is needed to trigger fresh bullish acceleration towards next strong barrier at $48.74 (50% retracement of $53.74/$43.74, reinforced by falling 20SMA and daily Kijun-sen line).

Res: 48.20; 48.33; 48.74; 49.00
Sup: 47.56; 47.17; 46.78; 46.00