WTI climbs to the highest since April above $52.00
|The West Texas Intermediate continued to rise during the American session and reached $52.20 a barrel, the highest level in five months. At the moment it trades at 52.15 a barrel up 2.95% for the day.
After trading during days, consolidating around 50.50, price broke clearly to the upside boosted by positive results from the OPEC and Russia’s intentions to reduce the global supply. According to OPEC officials, the cartel and its partners cut more than 100% of the agreed cuts in August.
Another impulse today came from Turkish President Tayyip Erdogan, who warned that Turkey could cut off the pipeline that carries oil from northern Iraq to the outside world.
WTI levels
The price is holding on top of 52.00. The next resistance might be seen at 52.50 and then 53.00 and 53.75 (April high). On the downside, last week high at 51.10 is now a support area, followed by 50.25 and 49.50.
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