WTI upside faltered near $53.00, data eyed

Crude oil prices are keeping their daily gains on Friday with the barrel of West Texas Intermediate returning to the $52.00 neighbourhood after printing fresh tops just below the key $53.00 mark in early trade.

WTI attention to Baker Hughes

Despite prices for the WTI are retreating from fresh 4-week tops near the $53.00 mark, the sentiment stays buoyant particularly following the US missile attack to a Syrian base early on Friday.

The attack sparked geopolitical jitters as well as concerns over the likeliness of future disruptions in crude oil supply in the Middle East, all bolstering the daily advance of prices.

The recent upside in WTI has been already sustained by increasing bets that the current OPEC deal to cut the oil output could be extended beyond June.

Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count (+10 prev.). It is worth mentioning that the number of US active oil rigs has been increasing for the last ten weeks.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.93% at $52.18 facing the immediate hurdle at $52.94 (high Apr.7) followed by $53.80 (high Mar.6) and finally $54.94 (high Feb.23). On the downside, a break below $51.51 (low Apr.7) would aim for $50.74 (low Apr.5) and then $49.88 (low Apr.4).