WTI advances to highs around $53.00
Crude oil prices keep the bullish bias intact on Monday, now lifting the barrel of West Texas Intermediate to fresh tops in the area of the $53.00 mark.
WTI up on geopolitical jitters
Prices for the WTI pushed higher to fresh 5-week tops near the $53.00 mark to day following heightened concerns over the escalation of tensions between Russia, China, Syria and the US following last week’s US attack to a Syrian airbase, all pointing to potential supply disruptions.
Collaborating further with the upside momentum in crude prices, the Libyan oilfield of Sharara was shut down again on Sunday, fuelling jitters over further disruptions in area.
Oil climbed higher at the beginning of the week despite driller Baker Hughes reported the 12th straight increase in US oil rig count late on Friday, with active oil rigs up by 10 to 672 during the week ended on April 7.
From the positioning side, crude oil speculative net longs have inched higher to 2-week tops on the week to April 4, according to the latest CFTC report.
WTI levels to consider
At the moment the barrel of WTI is gaining 1.15% at $52.84 facing the immediate hurdle at $52.99 (high Apr.10) followed by $53.80 (high Mar.6) and finally $54.94 (high Feb.23). On the downside, a break below $51.63 (55-day sma) would aim for $50.74 (low Apr.5) and then $49.46 (200-day sma).
