WTI weaker, finds support around $60.00

  • Crude oil prices trim Wednesday’s gains.
  • Oil supplies rose less than expected on Wednesday.
  • US oil rig count next on tap tomorrow.

Prices of the barrel of the West Texas Intermediate are giving away some of yesterday’s gains and are now meandering the $60.20 region, down smalls for the day.

WTI now looks to oil rig count

After two consecutive weeks with losses, prices of the WTI are so far on their way to close this week with gains albeit quite lower than recent tops beyond the $66.00 mark.

WTI advanced on Wednesday after the EIA reported crude oil supplies in creased less that initially expected during the week ended on February 9. Prices rebounded after finding quite decent support in the $58.00 neighbourhood (low February 9/14).

In the meantime, crude oil prices remain under scrutiny following increasing optimism on the potential rebalancing of the markets in the near future on one side, and rising US oil production on the other side.

Later in the week, driller Baker Hughes will publish its weekly report on US oil rig count.

WTI significant levels

At the moment the barrel of WTI is losing 0.63% at $60.23 and a breach of $58.10 (low Feb.9) would open the door to $58.09 (78.6% Fibo of $55.74-$66.72) and finally $57.72 (100-day sma). On the upside, the next hurdle is located at $61.56 (high Feb.15) seconded by $62.53 (50% Fibo of $55.74-$66.72) and finally $63.19 (21-day sma).

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