WTI firm near $59.00/bbl, 2017 tops
- Prices for the WTI clinched fresh YTD tops near $59.00.
- Disruptions in US-Canada pipeline lifted prices.
- OPEC meeting on sight.
The rally in crude oil prices remains well and sound so far today, with the West Texas Intermediate hovering just below the $59.00 mark per barrel, or fresh 2017 tops.
WTI in 2-year peaks
Prices for the black gold advanced to levels last seen in July 2015 just below the key $59.00 per barrel, always backed by increasing optimism over the potential extension of the OPEC/non-OPEC output cut deal beyond the initial deadline in March 2018.
Supporting the up move in prices, the Keystone pipeline, which links crude oil between the US and Canada remains partially shut, bringing in the backwardation scenario, indicative that the market stays undersupplied.
Latest news cited Russian minister A.Novak saying the country supports the proposal of an extension of the ongoing OPEC agreement.
WTI significant levels
At the moment the barrel of WTI is up 1.21% at $58.72 facing the next hurdle at $58.91 (2017 high Nov.24) followed $62.58 (2015 high May 6) and finally $77.83 (high Nov.21 2014). On the other hand, a breach of $56.75 (10-day sma) would aim for $56.18 (21-day sma) and then $54.81 (low Nov.14).