Crude oil prices are reverting a 3-session positive streak so far today, with the barrel of West Texas Intermediate losing smalls just above the $53.00 mark.
WTI looks to oil rig-count
Prices for the WTI are on their way to clinch its first week with losses after two consecutive advances, keeping the consolidative range well and sound as traders continue to evaluate the compliance around the OPEC/noon-OPEC deal.
Collaborating with the lack of direction in prices, concerns over the supply glut have re-emerged in response to the persistent build in crude supplies, as per recent reports by the API and the EIA, as well as growing drilling activity in the US.
Later in the NA session, driller Baker Hughes is expected to report on last week’s US oil rig count.
WTI levels to consider
At the moment the barrel of WTI is losing 0.17% at $53.15 facing the next support at $52.73 (low Feb.15) followed by $52.66 (55-day sma) and then $51.22 (low Feb.8). On the flip side, a surpass of $53.59 (high Feb.16) followed by $54.13 (high Feb.10) and finally $54.34 (high Feb.2).
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