WTI upside still capped around $50.00

Crude oil prices are managing to keep the trade in the upper end of the recent range, with the barrel of West Texas Intermediate still unable to surpass the $50.00 mark.

WTI attention to US data

Prices for the WTI are alternating gains with losses during the second half of the week, although a convincing break above the significant $50.00 mark still remains elusive.

The ongoing rally in crude oil prices remain well underpinned by the recent deal at the OPEC meeting in Algiers regarding an output freeze, while another week of decreases in inventories measured by the API and EIA lent extra support to WTI.

In the meantime, further gains in the barrel of WTI appear limited amidst the ongoing bid tone in the greenback and ahead of tomorrow’s Non-farm Payrolls and the US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is retreating 0.10% at $49.78 and a breakdown of at $46.31 (100-day sma) would aim for $46.07 (20-day sma) and finally $42.55 (low Sep.20). On the upside, the next hurdle is located at $50.54 (high Jun.22) followed by $51.67 (2016 high Jun.6) and then $53.89 (high Jul.10).