WTI stays near session lows, around $51.40

Crude oil prices are extending the downside today and are now dragging the barrel of West Texas Intermediate to the area of daily lows around $51.20.

WTI lower despite falling US supplies, OPEC rebalancing

Prices for the WTI are trading on the defensive after Chinese GDP figures failed to surprise markets to the upside today. In fact, the Chinese economy is expected to expand at an annualized 6.8% during the July-September period, in line with prior surveys.

Today’s price action around crude oil seems to ignore another weekly draw in US crude oil supplies, as per yesterday’s EIA report.

Furthermore, WTI stayed apathetic after OPEC’s Secretary Barkindo said earlier in the session that the rebalance of the oil market remains on track.

Looking ahead, US oil rig count by driller Baker Hughes is due tomorrow.

WTI significant levels

At the moment the barrel of WTI is retreating 1.13% at $51.44 and a break below $51.17 (low Oct.19) would aim for $51.09 (21-day sma) and then $50.08 (38.2% Fibo of $45.58-$52.86). On the upside, the next hurdle aligns at $52.37 (high Oct.16) seconded by $52.86 (high Sep.28) and finally $53.76 (high Apr.12).