WTI regains $ 52 mark on Saudi Crown Prince's comments

• 4-week tops of $ 52.57 back on sight
• Saudi Arabia’s Crown Prince comments underpin
• USD rebound to cap oil-price recovery?

WTI (oil futures on NYMEX) once again found strong support near $ 51.90 levels, and now makes fresh attempts to retest four-week tops of $ 52.57.

WTI: Oil rigs count data in focus

The black gold is seen back on the bids, as the bulls found fresh impetus from the comments delivered by the Saudi Crown Prince, backing the case for OPEC oil cut deal extension into 2018. His comments make it more certain that the cartel and its allies are set to extend the curbs, when they meet next month.

However, it remains to be seen if the commodity manages to hold the recovery amid broad-based US dollar rebound and bearish EIA crude inventory report released a day before. The EIA data showed that the US crude inventories rose by 856,000 barrels last week.

Meanwhile, markets also play close attention to the much-awaited ECB meeting for fresh impetus across the fx space, which will eventually have some bearing on the USD-sensitive oil.

At the time of writing, WTI rises +0.15% to $ 52.25, while Brent trades flat at $ 58.42.

WTI Technical Levels

Higher-side levels: 52.57 (4-week high), $53.21 (Apr 16 high), $ 54 (round number)

Lower-side levels: 51.94 (10-DMA), 51.50 (psychological levels), 51.23 (20-DMA)