Crude oil prices are extending the rally at the end of the week, now pushing the West Texas Intermediate to flirt with t he $51.70 area per barrel ahead of key US oil rig count.
WTI attention to US data, Baker Hughes, Trump
Prices of the barrel of the American benchmark for the sweet light crude oil stay on an upbeat mood following yesterday drop in US crude oil supplies, as reported by the EIA report on Thursday.
In addition, WTI remains underpinned by auspicious comments by the OPEC and the IEA earlier in the week, expecting the oil market to keep rebalancing for the time being.
However, traders will stay wary on the decision by President Trump whether to certificate the nuclear deal with Iran clinched back in 2015, Trump is due to speak later in the NA session.
Ahead in the day, driller Baker Hughes will publish its weekly report on US oil rig counts.
WTI significant levels
At the moment the barrel of WTI is gaining 2.01% at $51.61 facing the next resistance at $52.86 (high Sep.28) followed by $53.76 (high Apr.12) and finally $54.94 (high Feb.23). On the flip side, a break below $51.14 (23.6% Fibo of $45.58-$52.86) would aim for $50.51 (10-day sma) and then $50.08 (38.2% Fibo of $45.58-$52.86).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.