WTI solid, regains $60.00 and above
- WTI up nearly 2% above the $60.00 mark.
- Risk-on sentiment helping commoditties.
- USD-selling helping the upside.
Prices of the barrel of the American benchmark for the sweet light crude oil are posting moderate gains at the beginning of the week, retaking the critical $60.00 mark and above.
WTI gains capped near $60.80
Prices of the black gold met dip buyers on Friday’s fresh 7-week lows in the $58.00 neighbourhood, coincident with the 78.6% Fibo retracement of the $55.74-$66.72 up move.
The strong bias surrounding the buck plus the recent sell-off in the risk-associated space has collaborated with the decline of the WTI to levels last seen in late December 2017, where some decent support appears to have emerged.
Prices are also bolstered today after OPEC officials said the market should be rebalanced at some point by year-end, while the softer tone around the greenback has been also helping.
Later in the week, the usual report on US crude oil supplies by the API and the EIA are due on Tuesday and Wednesday respectively ahead of the oil rig count by Baker Hughes on Friday.
WTI significant levels
At the moment the barrel of WTI is up 1.72% at $60.22 facing the next hurdle at $60.77 ahead of $60.89 (55-day sma) and finally $61.23 (50% Fibo of $55.74-$66.72). On the downside, a breach of $58.10 (low Feb.9) would open the door to $58.09 (78.6% Fibo of $55.74-$66.72) and finally $57.46 (100-day sma).