WTI slips back below $50.00, focus on data

Pablo Piovano FXStreet

Crude oil prices are navigating without a clear direction on Friday, taking the barrel of West Texas Intermediate back below the $50.00 mark ahead of key data.

WTI now looks to rig count

Prices for the WTI receded a tad from yesterday’s fresh 4-month tops around $50.50, coming down to the $50.00 neighbourhood and on their way to close the second consecutive week with gains.

The solid performance of crude oil this week has been sustained on positive news from the IEA and OPEC, revising up the prospects for oil demand for the upcoming years and delivering an in general upbeat message.

Furthermore, and despite the build in crude supplies reported by the EIA and API, gasoline inventories went down more than expected, adding some optimism to the otherwise disappointing prints.

Next on tap, driller Baker Hughes will publish its weekly report on oil rig count for the week ended on September 8.

WTI significant levels

At the moment the barrel of WTI is losing 0.26% at $49.76 facing the immediate support at $49.59 (200-day sma) followed by $49.34 (23.6% Fibo of the August-September up move) and then $48.70 (10-day sma). On the other hand, a surpass of $50.50 (high Sep.14) would aim for $52.00 (high May 25) and then $53.76 (high Apr.12).

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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