The barrel of WTI clinches fresh tops above the $50.00 mark. Saudi Arabia said it will cut 1M bpd for the next two months. The EIA’s weekly report on US crude oil supplies comes up next. Prices of the barrel of the American benchmark for the sweet light crude oil tested levels last seen back in February beyond the psychological $50.00 mark earlier in the session, just to lose some ground afterwards. WTI up on Saudi Arabia news, looks to EIA Prices of the West Texas Intermediate finally surpassed the key $50.00 hurdle backed by positive news from Saudi Arabia. In fact, the country said it will cut its oil production by 1M bpd for the next two months. Following the Saudi Arabia’s news, and reinforcing the upside, the OPEC+ will not increase its production (or at least not in the original levels) next month, as concerns over the rising coronavirus cases and the potential impact on the industry appear to have re-surfaced. Late on Tuesday, the API reported a nearly 1.7M barrels drop in US crude oil supplies, more than initially estimated. Later on Wednesday, it will be the EIA’s turn to report on crude oil inventories during last week. WTI significant levels At the moment the barrel of WTI is losing 0.29% at $49.66 and a breach of $47.20 (monthly low Jan.4) would expose $46.18 (low Dec.23) ahead of $43.94 (monthly low Dec.2). On the upside, the next hurdle emerges at $50.57 (monthly high Jan.6) seconded by $54.45 (monthly high Feb.20) and finally $59.61 (high Jan.20 2020). 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 Breaking: US Private sector employment declines by 123K in December vs. +88K expected FX Street 2 years The barrel of WTI clinches fresh tops above the $50.00 mark. Saudi Arabia said it will cut 1M bpd for the next two months. The EIA’s weekly report on US crude oil supplies comes up next. Prices of the barrel of the American benchmark for the sweet light crude oil tested levels last seen back in February beyond the psychological $50.00 mark earlier in the session, just to lose some ground afterwards. WTI up on Saudi Arabia news, looks to EIA Prices of the West Texas Intermediate finally surpassed the key $50.00 hurdle backed by positive news from Saudi Arabia.… 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.