WTI focus stays on $50.00, oil rig count eyed

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).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

  • WTI