WTI down smalls around $50.60 ahead of data

Pablo Piovano FXStreet

Crude oil prices are extending its sideline theme at the end of the week, taking the barrel of West Texas Intermediate to sub-$51.00 levels ahead of data.

WTI looks to Baker Hughes

Prices for the WTI are on their way to close the first week with losses after three consecutive advances, coming down from last week’s tops in the $53.80 region although it seems to have found some decent support near the psychological $50.00 mark.

Crude prices are in a consolidative-mode today, in line with the broader sentiment in prevailing in the global markets ahead of the upcoming French elections, with prior surveys indicating all four candidates sharing almost the same vote intention (+/- around 20%).

In addition, the renewed buying interest around the buck continues to weigh on potential attempts of sustainable recovery in prices.

Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count (+11 previous), while Existing Home Sales and Markit’s advanced Manufacturing PMI are also due in the US docket.

WTI levels to consider

At the moment the barrel of WTI is losing 0.16% at $50.63 facing the next support at $50.09 (low Apr.19) followed by $49.88 (low Apr.4) and then $49.04 (200-day sma). On the other hand, a break above $51.00 (20-day sma) would aim for $51.46 (55-day sma) and finally $52.65 (high Apr.19).

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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