WTI jumps-off 3-week lows amid weaker DXY, near $ 53

Oil futures on NYMEX extends the Asian recovery from three-week troughs reached near the mid-point of 52 handle, and now looks to regain $ 53 mark amid a treat in the US dollar across the board.

A weaker US dollar makes the dollar denominated oil cheaper for holders in foreign currencies and vice-versa.

Oil prices are on a steady recovery path so far this session, after having booked more-than 2% loss yesterday amid reports that the Russian crude output remained unchanged in February, raising concerns over adherence to the OPEC oil output cut deal.

Later today, the black gold will take cues from the USD dynamics as well as from the US rigs count data lined up for release in the American session.

WTI technical levels        

A break above $ 53.47/60 (5 & 20-DMA) could yield a test of $ 54.30 (intermittent tops), beyond which $ 55 (zero figure) could be tested. While a breach of support at $ 52.56 (3-week lows) would expose the 100-DMA support of $ 51.31.