WTI up and down around $54.00

• Prices eased from tops above $55.00/bbl.
• Optimism stays unchanged among traders.
• US oil rig count next on tap data wise.

Prices of the barrel of the West Texas Intermediate keep the narrow trading range on Thursday around the key $54.00 hurdle.

WTI now looks to data

After yesterday’s tops in the $55.20/25 area per barrel, the WTI has deflated a tad and returned to the $54.00 neighbourhood amidst a generalized sidelined activity surrounding the black gold.

Despite the loss of traction around recent peaks, WTI remains underpinned by the generalized optimism stemming from the likeliness of an extension of the OPEC/non-OPEC output cut deal beyond the original deadline in March 2018, as per past comments from some of the cartel’s officials and Russian President V.Putin.

In addition, the EIA reported yesterday a larger-than-expected draw in US crude oil supplies, collaborating further with the upbeat sentiment around crude oil.

Ahead in the week, driller Baker Hughes will publish its weekly US oil rig count (Friday).

WTI significant levels

At the moment the barrel of WTI is up 0.02% at $54.31 facing the next hurdle at $55.22 (high Nov.1) seconded by $55.24 (2017 high Jan.3) and finally $56.51 (low May 28 2015). On the flip side, a breach of $53.78 (23.6% Fibo of $45.58-$55.22) would open the door $53.17 (10-day sma) and then $52.03 (21-day sma).