Oil weaker amid doubts over Russia-OPEC deal weigh

Oil prices on both sides of the Atlantic appears to have paused its downslide and now look to stabilize heading into the US rigs count and payrolls data due later today.

WTI keeps range near $ 51 mark

Currently, both crude benchmarks trade range-bound to lower, with Brent around $ 53.60 while WTI flirts with $ 51 levels. Oil prices keep moderate losses as sentiment remains sour amid looming concerns over whether major producers will implement the OPEC-Russia output cut deal reached earlier this week.

Under the OPEC deal, Russia has pledged to cut its crude output by up to 300,000 barrels per day in the first half of 2017.

Focus now remains on the US rigs count data and the much awaited US employment figures, which could have significant impact on the USD-sensitive oil.

Brent oil technical levels

A break above $54.00 (zero figure) could yield a re-test of the multi-month highs of $54.53. On the lower side, breach of support at $53.16 (Daily low) would expose the psychological support of $51.50.”