- Prices of the WTI navigate session tops above $57.00.
- Massive sell off met support near $54.70 on Tuesday.
- API report on US supplies next on tap.
Prices of the barrel of the West Texas Intermediate (WTI) are advancing more than 3% on Wednesday, partially retracing the recent sharp drop and retaking the $57.00 mark and above.
WTI up on OPEC rumours, looks to API, EIA
After an impressive 12-session negative streak, prices of the WTI have managed to regain some composure today and are rallying more than 3% back to levels above the $57.00 mark per barrel.
In fact, the sentiment around crude oil revived somewhat following news that the OPEC+ could discuss the probability of cutting the oil production (by 1.4M barrels) at the next meeting by end of November.
In the meantime, traders appear to have recovered the smile today after crude oil prices shed nearly 30% since fresh 2018 peaks just above the $77.00 mark per barrel recorded in early October, considered one of the largest pullbacks since 2014 and always on the back of excess supply concerns and loss of momentum in the demand for crude.
Later in the NA session, the API will publish its weekly report on US crude oil supplies ahead of tomorrow’s report by the DoE.
WTI significant levels
At the moment the barrel of WTI is up 3.64% at $57.24 and a breakdown of $54.76 (2018 low Nov.13) would aim for $54.54 (monthly high Sep.28 2017) and then $48.92 (monthly low Oct.6 2017). On the upside, the next hurdle now aligns at $60.47 (10-day SMA) followed by $64.14 (21-day SMA) and finally $67.85 (high Oct.29).
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