Oil futures on NYMEX saw a knee-jerk spike to daily tops near $ 53.60, after the IEA published its latest monthly report that revealed that 2017 global oil demand forecast has been revised higher. The IEA raised 2017 global oil demand growth forecast by 0.1m bpd to 1.4m bpd.

The report further mentioned that the OPEC production fell by 1 mln bpd in Jan, leading to record initial compliance of 90% with output cut deal, which also added to the renewed uptick in the black gold.

Oil extends its rebound into a third day, with the bulls having received fresh impetus from upbeat Chinese oil imports data, which reflected rising demand for the commodity from the world’s second largest oil consumer, China.

With the IEA monthly report now behind, focus remains on the US rigs count data and Trump-Abe trade Summit, which will have significant impact on the USD moves, eventually impact the USD-sensitive oil.

WTI technical levels

A break above $ 54 (round figure) could yield a test of $ 55.24 (Jan 3 high). While a breach of support at $ 53 (key support) would expose the Feb 8 low of $ 51.22.

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