WTI challenges lows in sub-$54.00, Trump, data eyed

Pablo Piovano FXStreet

Crude oil prices are receding from recent lows, pushing the barrel of West Texas Intermediate to fresh lows in sub-$54.00 levels.

WTI attention to API, Trump, US data

Prices for the WTI has receded further after testing highs around $54.60 at the beginning of the week.

Crude oil prices remain on a consolidative fashion so far today as traders continue to weigh the high compliance with the OPEC output-cuts deal against the increasing drilling activity in the US. Recall that driller Baker Hughes reported on Friday US oil-rig count rose by 6 to 602 during last week.

Looking ahead, the greenback will take centre stage in light of key US events, including advanced Q4 GDP figures, Fedspeak and the SOTU speech by President D.Trump.

WTI levels to consider

At the moment the barrel of WTI is losing 0.22% at $53.93 facing the immediate support at $53.76 (low Feb.24) followed by $53.48 (20-day sma) and then $52.98 (55-day sma). On the other hand, a surpass of $54.61 (high Feb.27) followed by $54.94 (high Feb.23) and finally $55.24 (2017 high Jan.3).

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.

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