WTI climbs to the highest since April above $52.00

The barrel of West Texas Intermediate continued to rise during the American session and reached  $52.20, the highest level in five months. At the moment it trades at $52.15 up 2.95% for the day. 

After trading during days, consolidating around $50.50, price broke clearly to the upside boosted by positive results from the OPEC and Russia’s intentions to reduce the global supply.  According to OPEC officials, the cartel and its partners cut more than 100% of they agreed cuts in August. 

Another impulse today came from Turkish President Tayyip Erdogan, who warned that Turkey could cut off the pipeline that carries oil from northern Iraq to the outside world.

WTI levels

The price is holding on top of $52.00. The next resistance might be seen at $52.50 and then $53.00 and $53.75 (April high). On the downside, last week high at $51.10 is now a support area, followed by $50.25 and $49.50.