WTI firmer, approaches $53.00 on geopolitical jitters

Crude oil prices are extending the rally this week, now lifting the West Texas Intermediate to the vicinity of the $53.00 mark per barrel.

WTI stronger on Turkey

Prices of the WTI gained extra pace on Thursday in response to renewed threats from the Turkish government to cut its exports from Kurdish oil and to impose economic sanctions.

In fact, effervescence in the region escalated further after Iraqi Kurds vote for independence at the referendum held last Monday, ringing alarms in Turkey, Iraq and other regional world powers.

Further out, WTI prices remain underpinned by another draw in US crude oil inventories during last week, as per yesterday’s EIA weekly report.

Ahead in the week, driller Baker Hughes will publish its report on oil rig count (-4 to 749 active oil rigs prev.).

WTI significant levels

At the moment the barrel of WTI is gaining 0.86% at $52.59 and a break above $52.86 (high Sep.28) would aim for $53.76 (high Apr.12) and finally $55.24 (2017 high Jan.3). On the other hand, the next support lines up at $51.14 (23.6% Fibo of $45.58-$52.86) seconded by $50.98 (10-day sma) and then $50.08 (38.2% Fibo of $45.58-$52.86).