WTI reverts the downside, approaches $53.00

Pablo Piovano FXStreet

Crude oil prices are slightly higher on Tuesday, now lifting the West Texas Intermediate to the $52.80 region per barrel ahead of the API report due later.

WTI focus on API

Prices for the WTI keep navigating within a narrow range during the first half of the week amidst absence of relevant events, finding decent support near the $52.00 mark while the upside appears capped in the mid-$53.00s.

WTI stays under pressure so far, as scepticism around the fulfilment of the OPEC-non OPEC deal clinched in November remains unabated while the recent pick up in the US drilling activity risks an increase of US production, prompting concerns over the supply glut to re-emerge.

Looking ahead, the API’s weekly report on US crude oil supplies is due later in the NA session, ahead of tomorrow’s EIA’s report and Friday’s US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is up 0.19% at $52.85 facing the next resistance at $53.47 (high Jan.23) followed by $53.52 (high Jan.17) and finally $54.32 (high Jan.6). On the downside, a break below $50.84 (55-day sma) would aim for $50.71 (low Jan.10) and then $49.95 (low Dec.15).

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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