Crude oil prices are extending the rebound from recent lows, lifting the West Texas Intermediate to the mid-$53.00s per barrel, or daily tops.
WTI up on output cuts
Prices for crude oil are edging higher on Thursday after Russia, among another oil-producer countries, said it started to cut oil production, in line with the recently clinched OPEC agreement.
Additionally, the softer tone in the greenback is sustaining the up move in crude oil prices, which are so far gaining more than $3 since recent lows near $50.70 seen on Tuesday and Wednesday.
Traders have quickly left behind the recent build in US crude stockpiles as reported by the API and the EIA, focusing instead on the developments surrounding the OPEC-non OPEC deal in order to stabilize the oil market.
WTI levels to consider
At the moment the barrel of WTI is gaining 2.16% at $53.38 with the next hurdle at $54.32 (high Jan.6) followed by $54.51 (high Dec.12) and finally $55.24 (2017 high Jan.3). On the other hand, a break below $50.71 (low Jan.10) would expose $49.95 (low Dec.15) and then $49.62 (55-day sma).