WTI remains negative near $61.00

• WTI tested lows near $61.00 in early trade.
• USD, EIA weighing on prices.
• US oil rig count on tap tomorrow.

Prices of the barrel of the West Texas Intermediate remain on the defensive so far this week, currently managing to rebound from earlier lows in the vicinity of the $61.00 mark.

WTI now looks to data

Prices of the black gold keep the trade in multi-week levels below the $62.00 handle today, as sentiment remains depressed following yesterday’s build in US crude oil supplies as reported by the EIA (+1.895 million barrels).

Pessimism around prices has been on the rise as of late in response to rising US oil production, which investors see as capable of offset the ongoing rebalancing in the oil market as a results of the implementation of the OPEC output cut deal.

In the meantime, WTI shed already more than 8% since 2018 peaks in the $66.70 area seen in late January. Looking ahead, US oil rig count by driller Baker Hughes is due tomorrow.

WTI significant levels

At the moment the barrel of WTI is losing 0.26% at $61.63 and a break below $61.09 (low Feb.8) would aim for $60.86 (55-day sma) and finally $59.93 (61.8% Fibo of $55.74-$66.72). On the upside, the immediate hurdle is located at $64.30 (21-day sma) followed by $66.35 (high Feb.2) and then $66.72 (2018 high Jan.25).