Crude oil prices bounce back

• West Texas Intermediate futures trim most of their daily losses on equities bounce.
• OPEC incentivizing all members to build buffers to prevent will swing in prices.

Crude oil prices extended their advances at the beginning of the day, to abruptly change course ahead of the US opening. West Texas Intermediate crude futures fell from to 61.53 to 59.71 on headlines coming from the OPEC, after the UAE’s Energy Minister Suhail Al Mazrouei said on Thursday that the organism is encouraging its members to build oil buffers to temper any wild upswings in price, somehow indicating that oil producers are comfortable with the current levels, and not willing to let prices run much higher.

The black gold, however, bounced sharply from the mentioned low and the US benchmark is currently nearing again $61.00 a barrel, as Wall Street retook the upside, undermining further dollar's demand.

WTI is meeting selling interest around the 38.2% retracement of the 66.64/58.06 decline at 61.35, level that acts as immediate short-term resistance.  In the daily chart, and after several failed attempts to break below it, the price is bouncing from a bullish 100 DMA, somehow limiting chances of a steeper decline during the upcoming sessions. The mentioned DMA currently stands at 59.20, providing a strong support in the case of another round of selling.