WTI firmer albeit below $53.00 ahead of Yellen

Crude oil prices keep the familiar range on Friday, with the barrel of West Texas Intermediate posting moderate gains in the $52.80/90 band.

WTI eyes on data, Yellen

Prices for the WTI remains within a narrow range today ahead of the key speech by Chair Janet Yellen on ‘Economic Outlook’ and the publication of the weekly report by Baker Hughes on US oil rig count (prev. +5 to 602).

Crude oil prices keep struggling to advance in a clear direction amidst a solid performance of the greenback in spite of today’s knee-jerk to sub-102.00 levels when gauged by the US Dollar Index (DXY).

In the meantime, traders continue to assess the current progress in the OPEC output cut deal vs. the rising US oil production, all in light of the recent build in oil supplies as reported by the API (Tuesday) and the EIA (Wednesday). It is worth mentioning that US oil production stays at record levels above 520 million barrels.

Apart from the Yellen’s speech, Chicago Fed C.Evans (voter, dovish), Richmond Fed J.Lacker (2018 voter, hawkish), J.Powell (permanent voter, centrist) and Vice Chairman S.Fischer (permanent voter, centrist) are all due to speak along with the release of February’s ISM Non-manufacturing (56.5 exp.).

WTI levels to consider

At the moment the barrel of WTI is up 0.42% at $52.83 and a surpass of $54.23 (high Feb.28) would aim for $54.61 (high Feb.27) and finally $54.94 (high Feb.23). On the other hand, the next support is located at $52.54 (low Mar.2) followed by $51.22 (low Feb.8) and then $50.91 (low Jan.18).