WTI challenges lows around $60.50

• WTI keeps falling, near $60.00.
• Rising US oil production sparked concerns.
• US oil rig count comes next.

Prices of the barrel of the American benchmark for the sweet light crude oil are extending the leg lower on Friday, currently down around 1% to the $60.50 area.

WTI attention to Baker Hughes

Prices of the barrel of West Texas Intermediate are down for the third session in a row today and retreated in five out of the last six days, shedding already around 9% since monthly tops above the $66.00 mark.

Rising US oil production coupled with a pick up in US crude oil supplies, as per recent reports by the EIA, added pessimism to the already downbeat sentiment among traders and at the same time keep fuelling the idea that an increasing US production could eclipse the effects of the OPEC output cut deal on the rebalancing of the markets.

Furthermore, Iran announced its plans to increase its production by 700K bpd in the upcoming four years, supporting oil-bears.

Later in the session, driller Baker Hughes will publish its weekly report on US oil rig count (+6 prev.).

WTI significant levels

At the moment the barrel of WTI is losing 1.08% at $60.49 and a break below $59.93 (61.8% Fibo of $55.74-$66.72) would open the door to $58.09 (78.6% Fibo of $55.74-$66.72) and finally $57.38 (100-day sma). On the upside, the immediate hurdle is located at $62.53 (38.2% Fibo of $55.74-$66.72) seconded by $63.58 (10-day sma) and then $64.10 (21-day sma).