- WTI prices trim past losses and are approaching $ 60.00.
- The EIA reported a nearly 7.3 million barrel drop in crude supply.
- Baker Hughes will release the weekly count of US oil rigs later.
West Texas Intermediate (WTI) prices They manage to generate some buying interest at the session lows of $ 58.60 on Friday.
WTI attentive to Texas, datos, OPEP +
The WTI barrel recovers to the $ 60.00 level and above after a previous drop to the below 59.00 measuring stick.
In fact, prospects for a gradual normalization of the Texas oil industry following the recent cold snap added some downward pressure on crude prices during early trading. The knee-jerk reflex seems supported by the likely increase in oil production by OPEC + from April. In the same vein, the overbought condition of the raw material gave wings to the negative corrective side.
On the favorable side of prices, the EIA on Wednesday reported a drop of almost 7.3 million barrels during the previous week, adding to the decline in stocks reported by the API on Wednesday.
Later in the session, driller Baker Hughes will release his weekly report on the US oil rig count.
What to look for around WTI
West Texas Intermediate prices came under pressure after new 13-month highs above $ 62.00. Rising inflows into commodity-based ETFs have been underpinning the rally in crude oil coupled with the persistent drop in U.S. crude oil supplies and icy weather conditions in Texas, all set against a favorable backdrop. for riskier assets along with a weak dollar. In addition, strong growth prospects in China add to the acceleration of the launch of the vaccine in Europe / Rest of Asia and translate into growing expectations of a strong rebound in the post-coronavirus pandemic.
Significant levels
Right now, a barrel of WTI is shedding 0.06% at $ 60.22 and a breakout of $ 58.60 (weekly low on Feb 19) would expose $ 57.43 (Feb 12 low) and then $ 51.66 (Feb 1 monthly low) ). On the positive side, the next resistance is located at $ 62.25 (February 18, 2021 high), followed by $ 65.62 (January 8, 2020 high) and finally $ 66.58 (April 23, 2019 high).
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