WTI deflates from highs, clings to $50.00 ahead of data

After climbing beyond the $50.00 mark on Thursday, the price of the barrel of American benchmark for the sweet light crude oil is now giving away some of those gains.

WTI attention to oil rig count

Despite today’s pullback from recent tops, prices for the barrel of WTI keep gravitating around 3-week peaks in the $50.00 neighbourhood, extending the bounce off Monday’s lows in the boundaries of the $47.00 mark.

The generalized recovery of crude oil prices this week came in response to the likeliness that the OPEC/non-OPEC deal could be extended beyond the initial timeline.

Additionally, supply disruptions in Libyan oil fields have been also adding to the upbeat sentiment around crude oil, all (temporarily) offsetting concerns on the persistent build in US supplies and drilling activity.

Later in the session, driller Baker Hughes will publish its weekly report on US oil rig count (+21 prev.).

WTI levels to consider

At the moment the barrel of WTI is losing 0.26% at $50.22 facing the immediate support at $49.27 (low Mar.30) followed by $49.12 (20-day sma) and then $48.70 (200-day sma). On the upside, a break above $50.47 (high Mar.30) would open the door to $50.84 (high Mar.9) and finally $51.24 (100-day sma).