WTI in multi-day tops near $53.50

Crude oil prices have resumed the upside today, now pushing the barrel of West Texas Intermediate to fresh daily peaks above the $53.00 mark.

WTI attention to Trump, data

Prices for the WTI are challenging multi-day tops above the $53.00 handle at the end of the week, gaining more than $2 since weekly lows around the $51.00 neighbourhood.

Crude prices have been recently bolstered by the generalized offered bias around the greenback and some progress in the oil output cut as per the agreement between OPEC and non-OPEC countries.

Furthermore, WTI has managed to leave behind the recent build in US inventories, as reported by the EIA on Thursday and ahead of the weekly report on US drilling activity by Baker Hughes, due later.

In addition, crude oil prices and the USD-bloc in general will remain in centre stage during the NA session in light of the presidential speech by Donald Trump.

WTI levels to consider

At the moment the barrel of WTI is gaining 2.55% at $53.45 and a break above $54.32 (high Jan.6) would aim for $54.51 (high Dec.12) and finally $55.24 (high Jan.3). On the other hand, the immediate support lines up at $50.91 (low Jan.18) followed by $50.71 (low Jan.10) and then $50.42 (55-day sma).