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WTI tests daily lows near $57.00

  • WTI came under further pressure near $57.00.
  • Barrel of WTI in 3-day lows.
  • Focus on API, EIA reports.

Crude oil prices are prolonging the bearish note in the first half of the week, with the barrel of the American benchmark for the sweet light crude oil hovering over the low-$57.00s, or multi-day lows.

WTI attention to API report

Prices of the WTI are down for the second session in a row on Tuesday and threatening to test the critical support at the $57.00 mark, as traders remain cautious ahead of the weekly report on US stockpiles by the American Petroleum Institute (API), expected later in the NA session.

WTI has come under downside pressure despite the OPEC announced an extension of the current output cut deal beyond March 2018 and for another 9 extra months at its meeting on November 30.

In the meantime, prices for the black gold remain under pressure following a persistent pick up in US oil rig count (as per reports by driller Baker Hughes), while US crude oil production remains on the rise (nearly 9.7 million barrels according to the latest report by the EIA).

WTI significant levels

At the moment the barrel of WTI is losing 0.61% at $57.12 facing the next support at $56.75 (low Nov.29) seconded by $54.81 (low Nov.14) and finally $53.95 (55-day sma). On the upside, a break above $57.91 (10-day sma) would aim for $58.88 (high Dec.1) and then $59.05 (2017 high Nov.24).

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