The bulls took a breather in the European session, prompting a minor retreat in WTI (US oil futures on NYMEX) from five-month tops reached at $ 52.43.
The black gold rallied nearly $ 2 so far this week, as the sentiment remains lifted on the latest reports of Turkey threatening to cut Kurdish exports amid intensifying tensions over the Kurdish independence referendum.
Moreover, the latest headlines by the former Saudi Arabia and Citi analysts, citing that oil prices could rise to $ 60 mark, combined with the commodities trading house Trafigura’s report also supports the bullish move in oil.
Focus now shifts towards the US crude supplies reports due out from the API due later in the American session. At the time of writing, WTI trades -0.36% lower at $ 52.05, while Brent drops -0.53% to $ 58.12 levels.
WTI technical levels
Anton Kolhanov, Chief Technical Strategist, noted: “The market is trading along an uptrend with target on 52.87 and this uptrend may be expected to continue, while market is trading above support level 52.03. A downtrend will start as soon, as the market drops below support level 52.03, which will be followed by a move down to support level 51.45 and if it keeps on moving down below that level, we may expect the market to reach support level 50.87.”
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