WTI regains $63.00 and above, 3-week highs

Prices of the WTI are extending the weekly rally beyond the $63.00 mark.
WTI is flirting with 3-week peaks around $63.50.
Next on tap will be the weekly report on US supplies by the API.

Pablo Piovano FXStreet

Prices of the WTI are prolonging the recent upside and have now regained the area beyond the $63.00 mark per barrel, moving to the area of multi-week tops at the same time.

WTI bid on geopolitical jitters, looks to API

The up move in prices of the barrel of the West Texas Intermediate has been propped by rising effervescence between Saudi Arabia and Iran, which have revived jitters over supply disruptions.

WTI has, for the moment, left behind omnipresent concerns over rising US oil production, particularly in the wake of another increase in US supplies – as per the latest EIA report – and rising US active oil rigs – according to Friday’s report by Baker Hughes (+4 to 800 rigs).

Looking ahead, the API will publish its weekly report on US crude oil stockpiles later today, preceding the more relevant release by the DoE tomorrow.

WTI significant levels

At the moment the barrel of WTI is advancing 2.47% at $63.47 facing immediate up barrier at $64.30 (high Feb.6) followed by $66.35 (high Feb.2) and finally $66.72 (2018 high Jan.25). On the other hand, a breach of $61.61 (10-day sma) would aim for $60.03 (low Mar.8) an finally $58.10 (2018 low Feb.9).

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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