WTI challenges 2016 highs above $51.00

Crude oil prices are now accelerating the upside, sending the West Texas Intermediate to challenge YTD tops above the $51.00 mark per barrel.

WTI boosted by Russia’s news

Prices for the WTI have been boosted further after Russian President V.Putin said the country will join the recent deal between OPEC and non-OPEC countries to limit the crude oil supply.

Headlines pushed the barrel of WTI further north of the $51.00 handle and at shouting distance from 2016 tops near $51.70, while the barrel of Brent crude is hovering the $53.60 region, both gaining more than 3% for the day and extending the positive streak for the fourth week in a row.

WTI levels to consider

At the moment the barrel of WTI is up 3.31% at $51.46 with the initial hurdle at $51.67 (2016 high Jun.6) and then $53.89 (high Jul.10). On the other hand, a break below $46.70 (20-day sma) would aim for $45.43 (55-day sma) and finally $42.55 (low Sep.20).