- The WTI barrel manages to touch new annual highs above $ 55.00.
- The vaccine launch continues to support oil.
- API report on US supplies is next on the economic agenda
Crude prices they maintain their steady rise and record new annual highs at levels above $ 55.00 per barrel on Tuesday.
WTI attentive to data
US benchmark barrel prices for light sweet crude rose in the first half of the week, trading at levels last seen more than a year ago in the $ 55.00 zone.
In fact, black gold has seen its potential renewed in past sessions due to the ongoing vaccine launch and the likelihood that two more coronavirus vaccines (Novavax and Johnson & Johnson) will soon be released.
Furthermore, hopes for a strong economic recovery, especially in China and Europe, continue to support optimism among oil traders.
Later in the American session, API is expected to release its weekly report on US crude inventories ahead of Wednesday’s EIA report.
Technical levels
Right now, the WTI barrel is gaining 2.62% at $ 54.93 and faces the next hurdle at $ 55.24 (Jan 13, 2021 high) seconded by $ 59.61 (Jan 20, 2020 high) and finally $ 60.00 (psychological level). On the other hand, a breakout of $ 51.66 (February 1 monthly low) would expose $ 51.46 (January 22 weekly low) and then $ 48.39 (55-day SMA).
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