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.

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.