WTI around session tops, just below $58.00

• WTI stays bid below $58.00.
• US crude oil supported around $56.70.
• US oil rig count comes next.

Prices of the barrel of the American reference for the sweet light crude oil are adding to yesterday’s gains and are extending the bull run to levels just below the $58.00 mark.

WTI now looks to Baker Hughes

WTI is prolonging the upside for the second session in a row so far today, looking to retake the $58.00 mark and above after bouncing off weekly lows in the $56.75/70 band seen earlier in the week.

Prices of the black gold posted little reaction after the OPEC announced an extension of the current output cut deal for another 9 extra months after the initial deadline in March 2018. It is worth mentioning that the cartel’s decision has been largely anticipated by market participants. In addition, the OPEC will re-assess the agreement at its next meeting in June.

Later in the session, traders will remain focused on the weekly report on US oil rig count by driller Baker Hughes.

WTI significant levels

At the moment the barrel of WTI is up 0.77% at $57.84 facing the next hurdle at $59.05 (2017 high Nov.24) seconded by $62.58 (2015 high May 6) and then $77.83 (high Nov.21 2014). On the other hand, a breakdown of $57.01 (21-day sma) would expose $56.75 (low Nov.29) and finally $55.57 (low Nov.20).