WTI regains $53.00 and beyond
|Crude oil prices are extending the rebound from recent lows, lifting the West Texas Intermediate to the mid-$53.00s per barrel, or daily tops.
WTI up on output cuts
Prices for crude oil are edging higher on Thursday after Russia, among another oil-producer countries, said it started to cut oil production, in line with the recently clinched OPEC agreement.
Additionally, the softer tone in the greenback is sustaining the up move in crude oil prices, which are so far gaining more than $3 since recent lows near $50.70 seen on Tuesday and Wednesday.
Traders have quickly left behind the recent build in US crude stockpiles as reported by the API and the EIA, focusing instead on the developments surrounding the OPEC-non OPEC deal in order to stabilize the oil market.
WTI levels to consider
At the moment the barrel of WTI is gaining 2.16% at $53.38 with the next hurdle at $54.32 (high Jan.6) followed by $54.51 (high Dec.12) and finally $55.24 (2017 high Jan.3). On the other hand, a break below $50.71 (low Jan.10) would expose $49.95 (low Dec.15) and then $49.62 (55-day sma).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.