WTI clings to gains near $52.00 ahead of API

Pablo Piovano FXStreet

Crude oil prices are holding on to the daily gains on Tuesday, with the West Texas Intermediate hovering over the key $52.00 mark per barrel.

WTI now looks to data

The rally in crude oil prices remains unabated so far today, pushing the WTI to the area of 3-week tops beyond the $52.00 mark per barrel.

Geopolitical risks stemming from fights between Iraqi and Kurdish forces have been fuelling concerns over potential risks of disruption in crude oil supply, underpinning at the same time the positive momentum around the black gold.

Later in the NA session, the American Petroleum Institute (API) will publish its weekly report on US oil supplies, ahead of tomorrow’s DoE report and Friday’s oil rig count.

WTI significant levels

At the moment the barrel of WTI is gaining 0.15% at $51.95 facing the next resistance at $52.24 (high Oct.17) seconded by $52.86 (high Sep.28) and finally $53.76 (high Apr.12). On the flip side, a break below $51.14 (23.6% Fibo of $45.58-$52.86) would aim for $50.92 (21-day sma) and then $50.15 (low Oct.12).

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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