WTI loses traction, still above $70.00/bbl ahead of data

• Prices of WTI hold on to the $70.00 mark per barrel on Friday.
• US flash Q2 GDP came in at 4.1% vs. 4.2% expected.
• US oil rig count closing the calendar later in the session.

Prices of the barrel of the American benchmark for the sweet light crude oil are managing to trade above the critical $70.00 mark at the end of the week ahead of oil-related data.

WTI now looks to Baker Hughes

Prices of the West Texas Intermediate appear to have met a strong resistance area above the psychological $70.00 mark per barrel so far this week.

The weekly upside in crude oil prices decelerated its pace around Wednesday, as President Trump and EC’s J.C.Juncker agreed to start trade talks in order to avoid further disputes (war?).

On the other hand, and somehow bolstering oil prices, Saudi Arabia will temporary halt its shipments through the Red Sea in response to recent attacks by rebels.

Closing the weekly docket, driller Baker Hughes will publish its weekly US oil-rig count later in the session.

WTI significant levels

At the moment the barrel of WTI is losing 0.30% at $70.44 and a breach of $69.44 (10-day sma) would aim for $69.35 (200-hour sma) and then $67.08 (low Jul.18). On the other hand, the next hurdle emerges at $71.05 (high Jul.26) followed by $71.36 (21-day sma) and then $71.69 (high Jul.13).