WTI stuck in range below $ 53 ahead of US data
|- Oil keeps mild recovery gains, still remains vulnerable below 52.00.
- All eyes remain on the US Payrolls and Oil Rigs Count data for fresh direction.
WTI (oil futures on NYMEX) trades in a narrow range in the upper bound of the 52 handle so far this Friday, consolidating the recovery following Thursday’s sharp drop to the 51 handle.
Despite the moderate advance, the bulls remain cautious amid reduced appetite for the risk assets such as oil, as we progress towards the key event risk for today, the US Labor market report, that may have a significant impact on the dollar trades, in turn influencing the USD-denominated oil.
The prices remain on track for a big weekly loss, in the face of rising fears that the global economic downturn will heavily temper the oil demand growth prospects. Moreover, swelling US crude inventories combined with the restoration of the Saudi oil production capacity continue to keep the sentiment around the barrel of WTI undermined.
Markets now await the US employment data and Baker Hughes US Oil Rigs Count data for near-term trading direction in the prices. Also, the trade and US political headlines could drive the oil market sentiment going forward.
WTI Levels to watch
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