WTI keeps the upbeat tone around $55.00 ahead of API

• The barrel of WTI clinches new YTD highs beyond $55.00.
• Vaccine rollout continues to lend support to the commodity.
• The API’s report on US supplies is next on the docket.

Crude oil prices keep the march north unabated and record fresh yearly peaks in levels above the $55.00 mark per barrel on Tuesday.

WTI now looks to data

Prices of the barrel of the American reference for the sweet light crude oil edge higher in the first half of the week, trading in levels last seen over a year ago in the $55.00 neighbourhood.

In fact, the commodity has seen its upside renewed in past sessions on the ongoing vaccine rollout and the probability that two more vaccines against the coronavirus could be released soon (Novavax and Johnson & Johnson).

In addition, hopes of a strong economic recovery – particularly in China and Europe – still support the upbeat sentiment among oil traders.

Later in the NA session, the API is expected to publish its weekly report on US crude oil inventories ahead of the EIA’s report on Wednesday.

WTI significant levels

At the moment the barrel of WTI is gaining 2.62% at $54.93 and faces the next hurdle at $55.24 (2021 high Jan.13) seconded by $59.61 (high Jan.20 2020) and finally $60.00 (psychological mark). On the other hand, a breach of $51.66 (monthly low Feb.1) would expose $51.46 (weekly low Jan.22) and then $48.39 (55-day SMA).