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WTI in fresh 2017 tops near $58.20

  • WTI clinched fresh YTD tops beyond the $58.00 mark.
  • Traders leave behind US higher oil production.
  • Focus remains on the OPEC meeting.

Prices of the barrel of West Texas Intermediate keep pushing higher on Thursday, advancing to fresh 2017 tops in the $58.20 region.

WTI now targets $60.00/bbl

WTI resumed its upside momentum this week, propped up by rising expectations of an extension of the current OPEC output cut deal beyond March 2018.

Supporting the upside, the EIA reported on Tuesday that US crude oil supplies decreased more than expected during the week ended on November 17.

However, the DoE’s weekly report also noted that US crude oil production climbed to record levels beyond 9.66 million barrels per day, reviving some concerns over a potential supply-glut in the market. Supporting this scenario, driller Baker Hughes reported US oil rig count went up by 9 last week, taking US active oil rigs to 749.

In the meantime, traders’ attention remains on the upcoming OPEC meeting on November 30, where the cartel should decide over the extension (or not) of the current production cut agreement.

WTI significant levels

At the moment the barrel of WTI is up 0.29% at $58.19 facing the next hurdle at $58.23 (2017 high Nov.23) followed $62.58 (2015 high May 6) and finally $77.83 (high Nov.21 2014). On the other hand, a breach of $56.51 (10-day sma) would aim for $55.86 (21-day sma) and then $54.81 (low Nov.14).

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