FXStreet (Mumbai) - US oil futures climbed to 2-1/2 week highs after Russian oil minister talked about involving all oil producing nations to cut output by 5%. Above $34/barrel Prices trade above USD 34/barrel for the first time after 12th Jan. The first trigger came through from Baker Hughes report, which said oil rigs across the globe could drop as much as 30% in 2016. The gains were extended further after Russian oil minister talked about involving all oil producing nations to cut output by 5%. The meeting is to take place on Tuesday. Russian oil minister added that a 5% output cut has been proposed by Saudi Arabia. The oil squeeze set in motion by these reports could take commodity currencies higher along oil shares and treasury yields. WTI Oil Technical Levels The immediate resistance is seen at 34.38 (Dec 18 low), which if taken out shall open doors for 35.99 (200-DMA). On the other hand, a break below 32.83 (previous day’s low) could see the prices test 5-DMA at 31.78. For more information, read our latest forex news.