WTI weaker, tumbles to lows near $60.00

• WTI drops further as the greenback is now picking up pace.
• American crude oil drops to fresh 4-day lows near $60.00.
• Trump’s presser on tariffs, risk trends, oil rig count next of relevance.

Crude oil prices are grinding lower in the second half of the week, barrel of West Texas Intermediate now threatening the key support at the $60.00 milestone.

WTI weaker on USD-buying

Prices of the barrel of the American reference for the sweet light crude oil are down for the third session in a row on Thursday amidst a strong rebound in the demand for the buck and following another uptick in US crude oil inventories, as reported by the EIA on Wednesday.

In fact, the greenback accelerated the correction higher today in response to an increasing selling pressure around EUR after President Draghi disappointed bulls at his press conference earlier in the session.

In addition, the EIA reported on Wednesday that US crude oil supplies increased by more than 2.4 million barrels during last week and the US oil production climbed to almost 10.3 million barrels, fresh cycle tops and higher than top exported Saudi Arabia.

Looking ahead, the upcoming press conference by President Trump on tariffs is poised to drive the sentiment in the global markets. In the oil universe, driller Baker Hughes will publish its weekly report on US oil rig count tomorrow (+1 prev.).

WTI significant levels

At the moment the barrel of WTI is down 1.78% at $60.29 and a break below $59.44 (100-day sma) would aim for $58.10 (2018 low Feb.9) and finally $55.74 (low Dec.7 2017). On the flip side the next hurdle is located at $61.51 (21-day sma) seconded by $62.14 (10-day sma) and then $64.30 (high Feb.6).