WTI retreats from 2-week highs, still above $51.00

Matías Salord FXStreet

Crude oil prices pulled back from 2-week highs ahead of the US oil rig count report. The West Texas Intermediate hit at $51.70 a barrel the highest since September 29 and then retreaded finding support at 51.05.

WTI unaffected by US data awaits Baker Hughes

Crude oil remains near daily highs after the release of US retail sales and CPI data. Then it lost strength and dropped amid a recovery of the greenback in the market. At the moment of writing, it was trading at 51.25, up 1.15% for the day. It resumed the upside after suffering a correction yesterday despite a decline in crude oil supplies (EIA report).

On a weekly basis, the WTI is up more than $2 a barrel on the back of comments from the OPEC and also from the EIA data. In a few minutes, driller Baker Hughes will publish its weekly report on US oil rig counts.

Technical levels

To the upside, resistance levels might be located at 51.70 (daily high), 51.80 (Sep 29 high) and 52.40 (Sep 26 high). On the flip side, support might be seen at 51.05 (session low), 50.60 (Oct 11 low) and 50.10 (Oct 12 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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