WTI firmer, gravitating around $54.00

Crude oil prices are mildly higher at the beginning of the week, with the West Texas Intermediate looking to sustain further the earlier breakout of the $54.00 mark per barrel.

WTI focus on data, FOMC

The tepid performance of the greenback is allowing the WTI to advance further north of the critical $54.00 handle on Monday, although always within the familiar range.

Prices for the WTI remain in a cautious stance as of late, as traders continue to weigh the (quite elevated) compliance with the recent OPEC/non-OPEC deal to limit the oil output against the rising US drilling activity. Recall that driller Baker Hughes has reported on Friday that US oil rig count rose by 6 to 597 during last week.

On the positioning space, crude oil speculative net longs continued to increase to record levels above 500K contracts during the week ended on February 14, as seen in the latest CFTC report.

In addition, the greenback is poised to remain in the limelight this week, as the FOMC is due to publish its minutes from the latest meeting along with a slew of Fed speakers.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.50% at $54.07 and a surpass of $54.24 (high Feb.20) would aim for $54.34 (high Feb.2) and finally $54.51 (high Dec.12 2016). On the other hand, the immediate support aligns at $53.20 (20-day sma) followed by $52.68 (low Feb.16) and then $51.22 (low Feb.8).