- WTI prices retest highs above $ 56.00.
- There is no news from the OPEC + meeting in Vienna on Wednesday.
- The EIA reported a drop of nearly 1 million barrels on Wednesday.
West Texas Intermediate prices alternate gains with losses close to the recent annual highs in the area of ​​$ 56.00 per barrel.
WTI targeting $ 60.00
The WTI rally remains good and solid, although a stiff barrier appears to have emerged around $ 56.00, levels last traded over a year ago.
Positive US growth prospects following recent results on key fundamentals, better tone in US equity markets, and no news from the OPEC + meeting (in Vienna on Wednesday) appear to be be enough to keep the tone optimistic around oil prices.
Additionally, both the API and the EIA reported larger-than-expected drops in US crude supplies during the past week on Tuesday (-4.261M) and Wednesday (-0.994M), respectively.
Technical levels
Right now, a barrel of WTI is shedding 0.28% at $ 55.75 and a breakout of $ 51.66 (Feb 1 monthly low) would expose $ 51.46 (Jan 22 weekly low) and then $ 48.91 (55-day SMA ). On the positive side, the next hurdle is lined up at $ 56.31 (February 4, 2021 high) seconded by $ 59.61 (January 20, 2020 high) and finally $ 60.00 (psychological level).
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
