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WTI approaches the $53.00 mark, session peaks

  • Crude oil prices keep the trade near yearly tops.
  • Prices remain supported by OPEC+ output cuts.
  • Driller Baker Hughes will publish weekly oil rig count later.

Prices of the barrel of American reference for the sweet light crude oil are trading on a firm note and are approaching the key $53.00 handle, recording at the same time new multi-day highs.

WTI up ahead of US data

WTI inches to 5-day tops in the $52.80 region per barrel today and is reverting yesterday’s pullback to sub-$51.00 levels, where some decent support emerged.

Prices of the West Texas Intermediate appear to have left behind the recent re-emergence of oversupply gluts, while the OPEC+ deal to curb production, disruptions in Venezuela and Libya and US sanctions against Iranian oil exports keep underpinning what it seems to be the beginning of a fresh bull market in oil.

Looking ahead, Baker Hughes will release its weekly report on the US drilling activity.

WTI significant levels

At the moment the barrel of WTI is up 0.87% at $52.62 facing the next resistance at $53.22 (2019 high Jan.11) seconded by $54.48 (monthly high Dec.4) and finally $58.00 (high Nov.18 2018). On the downside, a break below $51.40 (10-day SMA) would aim for $50.34 (low Jan.14) and then $48.49 (21-day SMA).

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