Oil recovery gains traction, surges past $47.00 level

WTI crude oil price continues to surge, extending its recovery momentum from sub-$46.00 level, and has now climbed back above $47.00 level.

After bottoming out around Thursday's low, a fresh bout of buying emerged in the black gold after the OPEC Secretary General, Mohammed Sanusi Barkindo, hinted towards calling for an emergency meeting of member countries to discuss production cut / freeze in order to restrict sharp decline in crude oil prices. 

Moreover, broadly weakening US Dollar led by residing 'Brexit' fears coupled with dovish Fed and Thursday softer-than-expected US inflation print, further boosted the bullish sentiment surrounding the commodity. 

Going forward, traders might continue to take cues from the risk sentiment surrounding global equity markets and the upcoming release of Canadian CPI along with US housing market data.