Prices of the WTI resume the upside above the $53.00 mark. New lockdown measures in China give support to crude prices. The API’s weekly report on US supplies comes up next. Prices of the West Texas Intermediate leave behind Monday’s pullback and advance to new YTD peaks beyond the $53.00 mark per barrel on turnaround Tuesday. WTI looks to data, risk appetite The barrel of the American benchmark for the sweet light crude oil advances for the second week in a row so far on Tuesday, adding to last week’s more than 9% gains. Recent news from Saudi Arabia regarding a unilateral and voluntary oil output cut of 1 mbpd for two months gave extra oxygen to the commodity in past sessions. Also collaborating with the upside, China reinstated lockdown measures in some cities, reigniting demand concerns in the oil industry. Additionally, the ongoing vaccine rollout plus hopes of a strong recovery in the global economy continue to prop up the prospects of higher oil prices for the time being. Later in the session, the focus of attention will be on the API’s weekly report on crude oil inventories ahead of the EIA’s report on Wednesday/ WTI significant levels At the moment the barrel of WTI is gaining 1.11% at $52.74 and faces the next up barrier at $53.23 (2021 high Jan.12) seconded by $54.45 (monthly high Feb.20) and finally $59.61 (high Jan.20 2020). On the downside, a breach of $47.20 (monthly low Jan.4) would expose $46.18 (low Dec.23) ahead of $43.94 (monthly low Dec.2). 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/CHF fluctuates in narrow band near 0.8900 FX Street 1 year Prices of the WTI resume the upside above the $53.00 mark. New lockdown measures in China give support to crude prices. The API’s weekly report on US supplies comes up next. Prices of the West Texas Intermediate leave behind Monday’s pullback and advance to new YTD peaks beyond the $53.00 mark per barrel on turnaround Tuesday. WTI looks to data, risk appetite The barrel of the American benchmark for the sweet light crude oil advances for the second week in a row so far on Tuesday, adding to last week’s more than 9% gains. Recent news from Saudi Arabia regarding… 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.