WTI keeps pushing higher, in daily highs around $51.40
|Crude oil prices are trading on a bullish note at the beginning of the week, now lifting the barrel of West Texas Intermediate well above the $51.00 mark, levels last seen in late May.
WTI in multi-month tops
Prices of the barrel of the American reference for the sweet light crude oil are extending the rally on Monday, bolstered by a generalized optimism following last week’s compliance figures with the OPEC output cut deal for the month of August (116%).
The results boosted traders’ sentiment and are currently helping to sustain the rally beyond the key barrier at the $51.00 mark.
Additionally, driller Baker Hughes reported on Friday its third decrease in oil rig count, dropping by 5 to 744 active oil rigs during the week ended on September 15, all collaborating with the upbeat mood around WTI. On the other hand, President Tayyip Erdogan warned on Monday Turkey could cut off the pipeline that carries oil from northern Iraq to the outside world.
WTI significant levels
At the moment the barrel of WTI is up 1.01% at $51.17 and a breakout of $51.38 (high Sep.25) would aim for $52.00 (high May 25) and finally $53.76 (high Apr.12). On the other hand, the initial up barrier aligns at $49.55 (200-day sma) would aim for $49.31 (10-day sma) and then $49.15 (low Sep.14).
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