Oil trims some of its Thursday’s steep loss, jumps to $46.70

WTI crude oil rebounded from sub-$46.00 level and is seen trimming some of its sharp loss registered on Thursday to currently trade currently trade at session high level of $46.70.

Extending its reversal from the highest level since July 2015 touched in the previous week, oil extended its slide on Thursday for sixth consecutive session and has fallen over 4.5% during the course of current trading week as uncertainty around the UK-EU referendum continues to spook investors.

Friday's recovery was led by announcement by the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, calling for an emergency meeting of member countries to discuss production cut in order to support falling oil prices. Adding to it, broad US Dollar weakness on Friday also seems to contribute towards Friday's rebound momentum.

Next in focus would be the US rig count report, scheduled for release later on Friday, which could further ease worries over supply outage led by the recent Canadian wildfires.

Technical levels to watch

From current levels, the black gold seems to extend its recovery momentum towards $47.00 round figure mark, above which the commodity seems all set to head towards a recent strong support, now turned resistance, near $47.90-95 zone.

On the downside, $46.35-30 area seems to provide some intermediate support and is closely followed by two-week lows support near $45.90-85 region. A decisive break below $45.90-85 support is likely to trigger a fresh leg of downfall for the commodity, even below $45.00 psychological mark, towards its next major support near $44.60-50 area.