WTI near session highs around $53.60, EIA on sight

The march north of crude oil prices stays unabated on Wednesday, now lifting the barrel of West Texas Intermediate to the $53.60/70 band, or daily lows.

WTI now looks to EIA

The rally in crude oil prices remains propped up by heightened geopolitical jitters in Asia and the Middle East, backing prospects of potential disruptions in oil supply.

In addition, the API reported late on Tuesday that US crude oil stockpiles dropped by 1.3 million barrels during the week ended on April 7, collaborating with the upbeat mood and keeping the optimism on the rise ahead of the EIA’s weekly report due later in the NA session (-1.83 M prev.).

In the meantime, the broader sentiment around crude oil stays bullish for the time being, always bolstered by rising bets on the potential extension of the OPEC output cut deal beyond June.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.32% at $53.57 facing the immediate hurdle at $53.80 (high Mar.6) followed by $54.94 (high Feb.23) and finally $55.24 (2017 high Jan.3). On the downside, a break below $52.29 (low Apr.10) would aim for $51.72 (100-day sma) and then $50.74 (low Apr.5).