FxWirePro: US Oil trades slightly above $50, jump till $51.97 likely

• WTI finished the up 5.08% on rising refinery demand and falling rig count. The commodity has broken major resistance $50.40 high made on Sep 1st 2017 and jumped till $50.47 on Friday. It is currently trading around $49.86.
   
• WTI hits multi month high as number of U.S rigs drilling for new production fell and refineries started after Hurricane Harvey.
         
• The commodity is trading well above $50 and this confirms minor bullishness, a jump till $51.97 likely.
   
• On the lower side, near term support is around $49.30 (23.6% retracement of $45.62 and $50.47) and any break below will drag the commodity down till $47.95 (20- day MA)/$47. Bearish continuation only below $45.50.

It is good to buy on dips around $49.85-49.90 with SL around $49 for the TP of $51.97.