WTI on a firm note above $57.00 ahead of data

The barrel of WTI is prolonging the recovery beyond the $57.00 mark.
EIA’s reported a 10.3M barrels build on Thursday, more than expected.
US oil rig count by Baker Hughes is next on the calendar.

Pablo Piovano FXStreet

Prices of the barrel of WTI are trading on an upbeat tone at the end of the week, managing to regain the $57.00 mark and beyond for the time being.

WTI now looks to data

Crude oil prices are retreating for the sixth consecutive week so far, shedding almost 30% since 2018 peaks recorded in early October further north of the $77.00 mark per barrel.

After recording fresh 2018 lows at $54.76 on Tuesday, the barrel of WTI is slowly recovering part of the ground lost on rising hopes that the OPEC+ agrees another round of oil output cuts at its next meeting later in the month.

However, cautiousness among traders remains well and sound and is somewhat moderating any bullish attempts, particularly after another record in US oil production and the largest weekly build in stockpiles in the last 21-months, as per the latest report by the EIA yesterday.

Looking ahead, and closing the weekly calendar, driller Baker Hughes will publish its report on the US drilling activity.

WTI significant levels

At the moment the barrel of WTI is gaining 1.04% at $57.16 and a breakout of $59.08 (10-day SMA) would open the door to $62.88 (21-day SMA) and finally $67.85 (high Oct.29). On the downside, immediate support emerges at $54.76 (2018 low Nov.14) seconded by $54.54 (monthly high Sep.28 2017) and then $48.92 (monthly low Oct.6 2017).

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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