WTI stays positive albeit below $63.00, rig count eyed

• Prices of the WTI extend gains but falter around the $63.00 mark.
• US Dollar stick with gains, still trades sub-90.00.
• US oil rig count by Baker Hughes next of relevance.

Prices of the barrel of the American benchmark for the sweet light crude oil are extending the weekly recovery, although a convincing breakout of the $63.00 handle still remains elusive.

WTI now looks to data

Prices of the WTI are trading on an upbeat mood during the second half of the week, looking to break above the critical $63.00 handle amidst a bid tone around the buck and following an unexpected drop in US crude oil supplies during last week, as reported by the EIA yesterday.

In fact, the EIA reported crude oil supplies went down by more than 1.6 million barrels during last week, although US oil production remained at record levels albeit a tad lower than the previous week.

Later in the NA session, driller Baker Hughes is expected to publish its weekly report on US oil rig count (798 prev.).

WTI significant levels

At the moment the barrel of WTI is gaining 0.21% at $62.83 facing the next up barrier at $63.16 (high Feb.22) seconded by $64.13 (23.6% Fibo of $55.74-$66.72) and finally $66.35 (high Feb.2). On the downside, a break below $62.59 (21-day sma) would open the door to $60.88 (low Feb.22) and then $59.93 (61.8% Fibo of $55.74-$66.72).