WTI keeps the upbeat mood above $72.00

Prices of the barrel of WTI prints new weekly highs.
Weak dollar, generalized optimism boost the commodity.
Baker Hughes will report on US oil rig count later on Friday.

Pablo Piovano FXStreet

The broad-based optimism in the risk complex lends extra wings to prices of the WTI to the area of weekly peaks north of the $73.00 mark per barrel.

WTI boosted by debt ceiling hopes

In fact, WTI briefly surpassed the $73.00 barrier following increasing hopes the US policy makers could strike a deal on the debt ceiling issue in the next few days, while the renewed weakness surrounding the US dollar also collaborated with the upside bias in the commodity.

That said, prices of the American benchmark for the sweet light crude oil are en route to close the first week with gains after four consecutive pullbacks.

Later in the NA session, Baker Hughes will report on the US usual drilling activity during the week ended on May 19.

WTI significant levels

At the moment the barrel of WTI is up 0.61% at $72.35 and faces the next resistance at $73.83 (weekly high May 10) seconded by $76.92 (high April 28) and finally $79.14 (weekly high April 24). On the other hand, the breach of $63.97 (monthly low May 3) would open the door to $64.41 (2023 low March 20) and then $61.76 (monthly low August 23 2021).

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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