WTI keeps daily gains albeit below $57.00 ahead of EIA

• WTI stays bid above the $56.00 mark on Thursday.
• Crude oil retreated from tops on Russia’s news.
• EIA’s weekly report coming in later in the session.

Prices of the barrel of the American benchmark for the sweet light crude oil are looking to extend the recovery today although still in sub-$57.00 levels.

WTI now looks to DoE

Prices of the West Texas Intermediate have receded from session tops near $56.70 per barrel after Russia showed itself against cutting the oil production.

The news contradicts recent rumours that the OPEC+ could advocate for another round of output cuts at the next meeting.

In the meantime, crude oil prices appear to have found contention at fresh 2018 lows at $54.76 recorded last Tuesday, all amidst the largest sell-off since 2014. It is worth noting that prices dropped nearly 30% since 2018 peaks seen in early October just beyond the $77.00 mark.

Later in the session, the EIA will publish its weekly report on US crude oil supplies ahead of Friday’s oil rig count by driller Baker Hughes. Yesterday, the API reported a 8.790M barrels build during last week.

WTI significant levels

At the moment the barrel of WTI is gaining 0.62% at $56.36 and a breakdown of $54.76 (2018 low Nov.14) would open the door to $54.54 (monthly high Sep.28 2017) and then $48.92 (monthly low Oct.6 2017). On the upside, the next hurdle now aligns at $59.63 (10-day SMA) followed by $63.43 (21-day SMA) and finally $67.85 (high Oct.29).