WTI leaps to daily highs near $54.00 ahead of EIA

Crude oil prices are extending their weekly rebound on Thursday, pushing the West Texas Intermediate to the vicinity of the $54.00 mark per barrel.

WTI stronger on USD, looks to EIA

Prices for the barrel of the American benchmark for the light crude oil are advancing for the second consecutive session so far, up nearly $2 after yesterday’s lows in the proximity of the $52.00 handle.

WTI found extra support on the recent and renewed offered bias around the buck, lifting commodities and the rest of the risk-associated assets.

Also sustaining the upside, the API reported US crude oil supplies decreased by 7.4 million barrels during last week late on Tuesday, more than initially expected and the biggest draw since September.

In the meantime, traders remain vigilant on the developments from the recently clinched deal between OPEC and non-OPEC countries in order to limit the oil output during the first half of this year.

Later in the NA session, the EIA will release its weekly report on crude oil inventories, with consensus expecting US supplies to have dropped by more than 1.7 million barrels during last week.

Other relevant data in the US calendar includes the ADP employment report ahead of the ISM Non-manufacturing.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.77% at $53.67 and a breakout of $54.51 (high Dec.12) would expose $55.24 (2017 high Jan.3) and finally 62.58 (high May 6 2015). On the other hand, the immediate support lines up at $52.80 (20-day sma) followed by $52.11 (low Jan.3) and then $51.66 (high Dec.9).