WTI looks for direction around $51.60

Crude oil prices are alternating gains with losses at the end of the week, with the barrel of West Texas Intermediate hovering over the $51.60 area for the time being.

WTI focus on oil rig count

After recording fresh 5-month tops in the $52.85/90 band on Thursday, prices of the barrel of the American reference for the sweet light crude oil are now struggling for direction in the mid-$51.00s, trading within a narrow range so far.

In the meantime, the sentiment around crude oil prices stays upbeat and underpinned by the effervescence between Turkey and Iraqi Kurds and rising optimism over the rebalancing of the market.

Looking ahead, traders will keep the attention on the publication of US oil rig count by driller Baker Hughes, expected later in the NA session.

WTI significant levels

At the moment the barrel of WTI is gaining 0.04% at $51.58 and a break above $52.86 (high Sep.28) would aim for $53.76 (high Apr.12) and finally $55.24 (2017 high Jan.3). On the other hand, the next support lines up at $51.14 (23.6% Fibo of $45.58-$52.86) seconded by $51.04 (10-day sma) and then $50.08 (38.2% Fibo of $45.58-$52.86).