WTI off highs, still above $54.00 ahead of rig count

Crude oil prices are coming down after recent highs, dragging the barrel of West Texas Intermediate to the low-$54.00s after highs near the $55.00 handle on Thursday.

WTI attention to US data

Prices for the barrel of the American reference for the sweet light crude oil are grinding lower today as traders keep adjusting to yesterday’s weekly report by the EIA.

According to the EIA, US crude oil supplies have increased by 0.564 million barrels during last week, less than initially estimated, while gasoline inventories dropped by more than 2.6 million barrels during the same period.

However, crude oil prices stay within the recent range amidst opposing forces coming from the high compliance with the OPEC/non-OPEC deal to cut the output and rising US production, as seen by the persistent pick up in US drilling activity.

Later in the session, the buck will be in the limelight as US New Home Sales and Consumer Sentiment are due. In addition, driller Baker Hughes will report on US oil rig count.

WTI levels to consider

At the moment the barrel of WTI is losing 0.55% at $54.15 facing the next support at $53.87 (low Feb.23) followed by $53.35 (low Feb.21) and then $52.94 (55-day sma). On the other hand, a surpass of $54.94 (high Feb.23) would open the door to $55.24 (2017 high Jan.3) and finally $56.79 (high Jul.6 2015).