WTI focus stays on $50.00, oil rig count eyed

Pablo Piovano FXStreet

Crude oil prices have resumed the upside at the end of the week, now lifting the barrel of West Texas Intermediate to the key $50.00 neighbourhood.

WTI attention to data

Prices for the WTI are up for the third consecutive session so far on Friday, trading at shouting distance from fresh 4-week peaks amidst increasing USD-selling and fresh headlines from the OPEC, giving extra oxygen to the idea of an extension of the current output cut agreement.

In the meantime, prices for the barrel of the American benchmark for the sweet light crude oil are on their way to close the second straight session with gains, advancing more than 14% since YTD lows near $43.70 (May 5) to today’s tops just above the psychological $50.00 limestone.

Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count (+9 prev.). It is worth mentioning that US active oil rigs have been increasing uninterruptedly since early January, reaching 712 in the week ended on May 5.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.16% at $49.92 and a break above $50.20 (high Apr.26) would aim for $50.97 (high Apr.20) and finally $51.13 (100-day sma). On the flip side, the next support lines up at $48.76 (50% Fibo of the April-May drop) seconded by $48.20 (20-day sma) and then $48.03 (low May 17).

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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