WTI trades modestly higher, stays below $53

Crude oil prices are rising modestly supported by risk flows.
Reuters survey showed that OPEC output rose in January.

Eren Sengezer FXStreet

Crude oil prices continue to fluctuate in a relatively tight range on Monday after closing the previous week little changed. As of writing, the barrel of West Texas Intermediate was up 0.9% on a daily basis at $52.65.

Last week, the data published by the US Energy Information Administration showed a sharp decline in the US crude oil inventories and helped the WTI stay in the upper half of its weekly range. Additionally, easing vaccine-related tensions between the EU and the UK revived hopes for a steady recovery in energy and demand allowed oil to start the new week on a firm footing.

Meanwhile, a Reuters survey showed that the Organization of the Petroleum Exporting Countries' (OPEC) oil output rose for the seventh month in January, possibly limiting WTI's upside for the time being.

WTI outlook

"Medium-term, TD Securities sees WTI averaging around $55/b once the economy normalizes," TD Securities analysts said in a report published last week. "Demand is on target to grow the expected 5.5 million barrels per day in 2021 and excessive supply growth concerns fade, with Brent a few dollars higher."

Technical levels to watch for

WTI

Overview
Today last price	52.68
Today Daily Change	0.54
Today Daily Change %	1.04
Today daily open	52.14

Trends
Daily SMA20	52.05
Daily SMA50	48.89
Daily SMA100	44.41
Daily SMA200	40.77

Levels
Previous Daily High	53.19
Previous Daily Low	51.9
Previous Weekly High	53.51
Previous Weekly Low	51.8
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	52.39
Daily Fibonacci 61.8%	52.7
Daily Pivot Point S1	51.63
Daily Pivot Point S2	51.11
Daily Pivot Point S3	50.33
Daily Pivot Point R1	52.92
Daily Pivot Point R2	53.7
Daily Pivot Point R3	54.22

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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