WTI rises above $55.00, tests February highs

• Crude oil continues with its rally, up almost $3 over the week. 
• Data ahead: Oil rig count from Baker Hughes.
• Trump signs national emergency to build wall. 

Crude oil prices extended gains during the American session supported by an improvement in risk sentiment and hopes about a US-China trade deal and despite lower-than-expected US economic data. Also, a weaker US dollar favored the move to the upside. 

In the US, President Trump declared a national emergency to secure funding for his border wall with Mexico. Regarding trade negotiations, he said he will meet Xi Jinping after talks in Washington next week. 

West Texas Intermediate peaked at $55.55 the highest level since February 4. As of writing trades at $55.40, up 1.85% for the day and slightly below February highs located around $55.70. A break above would point to further gains ahead with no much resistance until $57.70 (intermediate at $56.70).  Next in the calendar is the weekly oil rig count published by Baker Hughes.