Oil futures on NYMEX broke the bearish consolidative mode to upside and reached session highs just ahead of $ 53 mark. However, the bulls failed to survive above the last, as the greenback stalled its corrective slide and resumed the recent uptrend versus its six major rivals.
The black gold also returned to the red zone this Wednesday, after markets started doubting whether high compliance with the agreed cuts will be maintained by the OPEC and non-OPEC producers.
Oil also remains under pressure after the API report showed a strong build in the US crude inventories, which rose by 9.94 billion last week.
Later today, oil prices will get significantly influenced by the official US government figures on the US crude stockpiles, which will be published by the EIA.
WTI technical levels
A break above $ 53.26/35 (daily pivot/ 5-DMA) could yield a test of $ 53.95 (Feb 13 high). While a breach of support at $ 52 (key support) would expose the Feb 8 low of $ 51.22.