WTI keeps highs near $54.00 ahead of rig-count

Crude oil prices remain on the area of daily highs on Friday, with the barrel of West Texas Intermediate hovering over the $54.00 mark, or 4-day tops.

WTI firmer post-IEA report

Prices for the WTI are advancing for the third session in a row so far today despite the continuation of the bid tone around the US Dollar.

Crude oil prices gained extra upside traction at the end of the week after an auspicious IEA’s monthly report.

In fact, the IEA noted a record compliance level with the planned output cuts by OPEC members of 90%. The IEA also revised higher its growth forecasts for global oil demand in 2016 to 1.6 mbpd, although the demand for the current year is expected to decelerate to 1.4 mbpd.

Later in the session, driller Baker Hughes will publish its weekly report on US oil-rig count, which has shown a significant increase in the weeks.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.91% at $54.01 facing the next resistance at $54.34 (high Feb.2) ahead of $55.24 (2017 high Jan.3). On the other hand, a breakdown of $52.84 (20-day sma) would aim for $52.27 (55-day sma) and then $51.22 (low Feb.8).