WTI posts strong gains, trades above $40 ahead of Baker Hughes data

• Risk-on environment helps crude oil prices push higher on Friday.
• OPEC+ reassures market of better compliance with output cuts.
• Baker Hughes will publish its weekly US Oil Rig Count at 1700 GMT.

Crude oil prices built on Thursday gains with the barrel of West Texas Intermediate (WTI) climbing above $40 for the first time in 11 days. As of writing, the WTI was trading at $40.10, gaining 3.26% on a daily basis. Furthermore, the barrel of Brent is up 3.1% on the day at $42.65.

With Friday's advance, the WTI is rising nearly 10% for the week and remains on track to post its best weekly close since early March.

OPEC headlines lift crude oil prices

Following the Joint Ministerial Monitoring Committee (JMMC) meeting on Thursday, OPEC and its allies, a group known as OPEC+, pledged for improved compliance with agreed output cut and provided a boost to crude oil prices.

Meanwhile, the upbeat market mood, as reflected by rising global equity indexes, is also helping risk-sensitive oil extends its upside on the last day of the week.

Later in the session, Baker Hughes Energy Services' weekly US Oil Rig Count data will be looked upon for fresh impetus. 

Technical levels to watch for