WTI strives for USD 52

FXStreet (Mumbai) - WTI oil futures on the Nymex extends its upward moves in the European session, albeit failing every attempt to 52 threshold, tracking US CFTC report which showed the largest weekly gain in non-commercial net long (bullish) positions in the US futures market since 2011.

WTI supported above USD 50/ barrel

Currently, WTI trades nearly 30% higher at 51.76 levels, facing rejection at 52 levels. Crude prices remains moderately higher supported by weekly US CFTC report which revealed that traders raised their net long positions in US crude oil futures and options by some 52 million barrels in the week to April 7. Also, the number of US oil rig counts fell 42 to 760 in the week ending April 10, oil services company Baker Hughes said on Friday, underpinning prices.

"Speculative market participants appear to be calling for a bottom in oil prices, with the largest weekly gain in non-commercial net long (bullish) positions in the US futures market since 2011," analysts at ANZ noted.

Oil prices, however remain pressured on rising US inventories and Saudi Arabia's record oil output would limit gains.

Meanwhile, International Energy Agency (IEA) chief economist Fatih Birol said over the weekend that we may see stronger oil production growth coming from Iran in three to five years following a final deal in June.

Crude Oil Technical Levels

WTI oil has an immediate resistance which stands at 52.24 levels above which gains could be extended to 54 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.73 levels.