WTI in a tight range around $53.00, API eyed

Crude oil prices are trading almost unchanged on Tuesday, now taking the West Texas Intermediate to the area of $53.00 per barrel ahead of the API report.

WTI attention to Middle East tensions, API

Prices of the barrel of the American benchmark for the sweet light crude oil are struggling advance further north of t he $53.00 mark during the first half of the week in spite of rising tensions in the Middle East.

Prices for the WTI are advancing for the third week in a row so far, gaining more than 13% since YTD lows in the $47.00 neighbourhood seen in late March and always bolstered by expectations of an extension of the OPEC output cut deal beyond the initial timeline (June).

In addition, recent escalating tensions in the Middle East have supported further the upside in crude prices, particularly since last week’s US missile attack at a Syrian airbase.

Looking ahead, the weekly report on US crude oil stockpiles is due ahead of tomorrow’s EIA report and Friday’s Baker Hughes figures.

WTI levels to consider

At the moment the barrel of WTI is gaining 0;04% at $53.10 facing the immediate hurdle at $53.80 (high Mar.6) followed by $54.94 (high Feb.23) and finally $55.24 (2017 high Jan.3). On the downside, a break below $52.29 (low Apr.10) would aim for $51.63 (55-day sma) and then $50.74 (low Apr.5).