WTI unable to break weekly highs, remains above $57.30 ahead of API

• WTI limited (again) by $57.70. 
• Data ahead: API crude inventory.

The WTI peaked at $57.70 a barrel and then pulled back to $57.25. As of writing it was modestly higher for the day, hovering around $57.50 ahead of the US API crude stockpiles report. 

Price continues to consolidate after being unable to break above Monday’s highs near the $57.70 region. A break on top could reinforce the intraday bullish tone. The downside has been limited on Tuesday even during the US session despite the recovery of the US Dollar.  

In Wall Street, equity prices were falling modestly. The Dow Jones was down 0.20%, retreating from record highs while in the bond market Treasuries were falling. The US 10-year yield jumped above 2.40% and hit 2.45%, the highest level in more than a month. Investors were looking to the US Congress to see the final outcome of the tax bill reform. 

WTI Levels to watch 

Immediate resistance is seen around the $57.70 area (Dec 18 & 19 high), followed by $58.00 and $58.50. On the flip side, supports might lie at $57.20 (Dec 19 low), $56.85 (Dec 12 & 18 low) and $56.40 (Dec 13 low).