- Prices of the WTI moved higher to fresh 2018 highs beyond $73.00.
- The barrel of WTI appears consolidative so far today.
- US oil-rig count by Baker Hughes next on tap on Friday.
Prices of the barrel of the American reference for the sweet light crude oil are extending the upbeat tone so far this week, managing to record fresh 2018 peaks above the $73.00 mark albeit losing some momentum afterwards.
WTI looks to data
Prices of the WTI moved higher on Thursday following yesterday’s higher-than-expected decrease in US crude oil supplies. It is worth recalling that the EIA reported on Wednesday that US oil inventories dropped by almost 9.9 mbpd during last week.
However, traders remain concerned following the recent decision of the OPEC to increase oil output by 1 mbpd.
In the meantime, crude oil prices should stay under pressure after the US warned all countries to refrain from importing crude from Iran from November.
Moving forward, driller Baker Hughes will publish tomorrow its weekly report on US oil rig count.
WTI significant levels
At the moment the barrel of WTI is up 0.66% at $72.87 facing the next hurdle at $73.08 (2018 high Jun.28) seconded by $77.95 (high Nov.21 2014) and then $79.92 (high Nov.8 2014). On the flip side, a breakdown of $68.38 (55-day sma) would expose $68.06 (10-day sma) and finally $63.59 (low Jun.18).
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