WTI up smalls around $53.30 ahead of API report

Crude oil prices are posting marginal gains on Tuesday, taking the barrel of West Texas Intermediate above the $53.00 mark.

WTI under pressure ahead of API

Prices for the WTI are extending the sideline theme above the $50.00 mark for the time being, while traders continue to assess the prospects of rising US oil production (as per the persistent increase in the drilling activity) vs. the OPEC deal to cut the oil output aimed to bring in some stabilization in the oil market.

Limiting the occasional upside in crude prices, the greenback’s bid tone remains well and sound so far today and always sustained by firm expectations of a rate hike by the Federal Reserve at its meeting next week.

Later in the session, US trade balance figures are due followed by the IBD/TIPP index and the weekly report on US stockpiles by the American Petroleum Institute (API) (+2.5 prev.).

WTI levels to consider

At the moment the barrel of WTI is advancing 0.28% at $53.35 facing the next resistance at $53.48 (20-day sma) followed by $54.23 (high Feb.28) and finally $54.61 (high Feb.27). On the flip side, a breach of $52.76 (low Mar.6) would aim for $52.54 (low Mar.2) and then $51.22 (low Feb.8).