13 Feb 2015
WTI deflates below $53.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is about to close its third consecutive week with gains after bottoming out in the mid-$43.00s in late January.
WTI down from $53.42/Bbl
Prices continued to edge higher today, although the area beyond $53.50 still remains elusive for bulls. A continuation of the risk-on sentiment in the broader markets and the renewed weakness surrounding the US dollar are cited as the main drivers behind the current bull run in WTI.
In the same direction, and collaborating with the upside, driller Baker Hughes informed that the number of oil rigs in use in the US economy extended its descent to 1056 in the present week, down from 1140 and posting the lowest levels since December 2011.
WTI key levels
The barrel of WTI is now up 3.22% at $52.85 facing the next resistance at $53.42 (high Feb.13) and then $54.00 (psychological level). On the flip side, a drop below $49.14 (low Feb.12) would expose $48.05 (low Feb.11).
WTI down from $53.42/Bbl
Prices continued to edge higher today, although the area beyond $53.50 still remains elusive for bulls. A continuation of the risk-on sentiment in the broader markets and the renewed weakness surrounding the US dollar are cited as the main drivers behind the current bull run in WTI.
In the same direction, and collaborating with the upside, driller Baker Hughes informed that the number of oil rigs in use in the US economy extended its descent to 1056 in the present week, down from 1140 and posting the lowest levels since December 2011.
WTI key levels
The barrel of WTI is now up 3.22% at $52.85 facing the next resistance at $53.42 (high Feb.13) and then $54.00 (psychological level). On the flip side, a drop below $49.14 (low Feb.12) would expose $48.05 (low Feb.11).