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WTI steady above $57.00 ahead of oil rig count

  • WTI remains sidelined near recent 2017 tops.
  • Crude oil cautious on Iran-Saudi Arabia.
  • Baker Hughes’s report next on tap.

The upbeat sentiment around crude oil prices stays unabated today, with the West Texas Intermediate now sidelining above the $57.00 mark per barrel.

WTI focused on data

Prices for the WTI are now alternating gains with losses while keeping the trade close to recent YTD tops in levels just below the critical $58.00 limestone.

As usual, optimism over the potential extension of the OPEC output cut deal beyond March 2018 is sustaining the rally. Traders expect the cartel to decide on the matter at the meeting on November 30.

Also collaborating with the upside, rising effervescence between Iran and Saudi Arabia has sparked fresh concerns over potential supply disruptions.

Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count (prev. -8 to 729 active oil rigs).

WTI significant levels

At the moment the barrel of WTI is down 0.05% at $57.14 and a breach of $56.41 (low Nov.8) would aim for $55.86 (10-day sma) and finally $55.83 (23.6% Fibo of $45.58-$57.69). On the upside, the immediate resistance aligns at $57.91 (2017 high Nov.8) seconded by $62.58 (2015 high May 6) and finally $77.83 (high Nov.21 2014).

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