At the moment a barrel West Texas intermediate is turning negative below $52 handle. It is losing 0.15% at $51.50. The data released by Baker hes for the first time showed an increase in the number of oil rigs operating in the U.S. On the same day the U.S energy information Administration published a report that showed an increase in the U.S oil production in July. It increased by 141,000 bpd to a 9.24 million barrels day in July. Meanwhile, the crisis in the Kurdish regions in Iraq is getting worse and continues to pose a great threat to the export of Crude oil. The movement in price that was registered on Friday was not sharp enough to call trend, it looks more like a technical correction. The WTI barrel could get to $52 and 53,75, September and April high respectively. On the flip side, supports align at $51.20 (Sep. 28 low), $50 (psychological level) and $48.85 (50-DMA).
