WTI jumps above $51.00 and erases daily losses

• Crude oil rose from weekly lows and remains in range. 
• WTI continues to consolidate, holding above $50.00 so far. 

WTI (oil futures on NYMEX) dropped to $50.50 earlier today, hitting the lowest level in a week. After trading under $51.00 for a few hours, it managed to recover momentum, turned to the upside and during the last hours rose quickly to $51.75, reaching a fresh daily high. 

As of writing, trades at $51.70, near the highs and holding the intraday bullish tone intact. In a broader perspective, it continues to consolidate between $50.50 and $53.00, validating most of the 30% slide that took place during October and November. a

Recently, crude oil received support from a drawdown in the US crude stockpiles according to the latest EIA report, the OPEC agreement and easing trade tensions between the US and China. On the negative side, growth expectations for next year continue to be revised lower and today, amid a stronger US dollar, limit the upside. 

WTI - Levels to watch 

To the upside, resistance levels might be seen at $52.35, followed by the $53.00 zone and $53.60. On the downside, support could be located at $50.70, $50.35 (Dec 13 low) and $50.10 (Nov 23 and Dec 6 low).