WTI firmer, regains the $61.00 mark and above

• Prices of the WTI are extending the sideline theme above $61.00.
• WTI shrugged off rising US supplies and oil production.
• US oil rig count by Baker Hughes next on tap tomorrow.

Prices of the barrel of WTI are extending the recovery above the $61.00 mark on Thursday despite the upbeat sentiment surrounding the greenback.

WTI supported by IEA headlines

Prices of the barrel of the American reference for the sweet light crude oil managed to leave behind recent weakness following positive news from the IEA earlier in the day.

In fact, at his monthly report, the IEA now expects a stronger demand for crude oil next year although it also maintained a cautious view on the escalating trade issues and their likely impact on the oil market.

In the meantime, the lack of direction in crude oil prices remains well and sound amidst rising US oil production and efforts from the OPEC deal to rebalance the markets.

It is worth mentioning that US crude oil supplies rose more than expected by around 5 mbpd during last week and oil production is nearly at 10.40 mbpd, surpassing Saudi Arabia’s, according to yesterday’s report by the DoE.

WTI significant levels

At the moment the barrel of WTI is up 0.43% at $61.22 facing the next up barrier at $62.35 (high Mar.12) seconded by $63.31 (high Mar.6) and then $64.30 (high Feb.6). On the downside, a breach of $60.03 (low Mar.8) would target $59.91 (100-day sma) and finally $58.10 (2018 low Feb.9).