WTI comes under pressure and pokes with $80.00

• Prices of the WTI add to Wednesday’s decline near $80.00.
• The WTI advances for the third week in a row so far.
• Weekly US oil rig count comes next in the docket.

Prices of the WTI trades on the back foot for the second day in a row and puts the key $80.00 mark per barrel to the test on Thursday.

WTI remains propped up by OPEC+ cut

So far, the barrel of the American benchmark for the sweet light crude oil remains on the defensive amidst some profit taking sentiment as well as renewed recession concerns.

However, the commodity remains well en route to close the third week with gains, this time bolstered by the decision by the OPEC+ to reduce the oil output and another larger-than-expected weekly drop in US crude oil supplies (as per the EIA’s report on Wednesday).

The firm performance of the commodity so far this week continues to echo on prices of RBOB gasoline futures, which trade in levels last seen back in late October 2022 past the $2.80 mark.

Later in the session, driller Baker Hughes will report on US oil rig count in the week to April 7 (592 prev.).

WTI significant levels

At the moment the barrel of WTI is down 0.02% at $80.20 and a breach of $79.05 (monthly low April 3) would open the door to $66.86 (low March 24) and then $64.41 (2023 low March 20). On the upside, the next hurdle is located at $81.75 (monthly high April 4) followed by $82.60 (2023 high January 23) and finally $83.67 (200-day SMA).