WTI challenges recent tops beyond $56.00

• Prices of the WTI re-tested peaks beyond the $56.00 mark.
• No news from the OPEC+ meeting in Vienna on Wednesday.
• The EIA reported a nearly 1M barrel drop on Wednesday.

Prices of the West Texas Intermediate alternate gains with losses near recent yearly tops in the $56.00 neighbourhood per barrel.

WTI now looks to $60.00

The rally in the WTI remains well and sound although it seems a tough barrier has emerged around $56.00, levels last traded more than a year ago.

Positive US growth prospects following recent results in key fundamentals, the better tone in US stock markets and no news from the OPEC+ meeting (in Vienna on Wednesday) appear to be enough to keep the buoyant tone around crude oil prices.

In addition, both the API and the EIA reported larger-than-expected drops in US crude oil supplies during last week on Tuesday (-4.261M) and Wednesday (-0.994M), respectively.

WTI significant levels

At the moment the barrel of WTI is losing 0.28% at $55.75 and a breach of $51.66 (monthly low Feb.1) would expose $51.46 (weekly low Jan.22) and then $48.91 (55-day SMA). On the upside, the next hurdle aligns at $56.31 (2021 high Feb.4) seconded by $59.61 (high Jan.20 2020) and finally $60.00 (psychological mark).