The barrel of WTI drops to multi-day lows near $55.50. President Trump criticized OPEC for higher prices. Saudi Arabia expected to cut its output further. Prices of the barrel of the American reference for the sweet light crude oil are reverting Friday’s gains and are now navigating in 4-day lows in the mid-$55.00s. WTI offered on Trump’s comments The barrel of the West Texas Intermediate remains on the defensive at the beginning of the week after President Trump resumed his attacks to the oil cartel, this time suggesting the OPEC to ‘relax and take it easy’. Comments by President Trump relegated the increasing optimism around the US-China potential trade agreement following recent progress at the Beijing and Washington meetings as a broad-based driver for crude oil and the rest of the risk-associated assets. Additionally, driller Baker Hughes reported US oil rig count dropped by 4 during last week, taking the total US active oil rigs to 853. Looking ahead, the usual weekly reports on US crude oil supplies by the API and the EIA are due on Tuesday and Wednesday, respectively. What to look for around WTI Today’s attack from President Trump to the OPEC’s policy of higher prices could undermine a more serious bull run in crude oil, mainly if US lawmakers are willing to invoke the NOPEC act. On the shining side, optimism around a US-China trade deal should remain supportive of crude oil as well as Saudi Arabia’s (so far) commitment to curb its oil production more than expected (the so-called ‘Saudi put’). Also bolstering prices emerge the ongoing US sanctions on Iranian and Venezuelan oil exports. WTI significant levels At the moment the barrel of WTI is losing 1.55% at $55.87 and a break below $55.40 (low Feb.25) would aim for $54.42 (21-day SMA) and finally $51.15 (low Feb.11). On the upside, the initial hurdle is located at $57.45 (2019 high Feb.22) seconded by $58.00 (high Nov.16 2018) and then $59.63 (50% Fibo retracement of the October-December drop). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY clings to small gains near 110.80 despite USD weakness FX Street 4 years The barrel of WTI drops to multi-day lows near $55.50. President Trump criticized OPEC for higher prices. Saudi Arabia expected to cut its output further. Prices of the barrel of the American reference for the sweet light crude oil are reverting Friday's gains and are now navigating in 4-day lows in the mid-$55.00s. WTI offered on Trump's comments The barrel of the West Texas Intermediate remains on the defensive at the beginning of the week after President Trump resumed his attacks to the oil cartel, this time suggesting the OPEC to 'relax and take it easy'. Comments by President Trump… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.