WTI oil enters a congestion area

WTI oil rallies for today after Kuwait agreed to cut their production much lower than previously agreed at the last OPEC and non-OPEC meeting. If other producers jump in the wagon and also agreed to make further cuts, then oil may go back to the 54.50 level. On the daily chart of WTI oil we can see that the commodity has found a good support at the 50.00 level from where it has bounce twice on this chart. If for some reason oil drops below the 50.00 level, then it may reach the 48.00 level or the 200 day EMA, which is around the 46.42 level.