WTI Retakes $48.00 ahead of Fedspeak, API
The barrel of West Texas Intermediate is back around the $48.00 mark after deflating to the $47.50 region.
WTI off 2016 highs
The recovery of crude oil prices has lifted the WTI to levels last seen
in October 2015 around $48.50 per barrel in early trade, although the up
move run out of steam afterwards, triggering a knee-jerk to the
mid-$47.00s.
Recent better tone in WTI has been fuelled by wildfires in Western
Canada, disruptions in the oil output in Nigeria following militant
attacks and a bullish report from Goldman Sachs.
Next on tap in the session, the weekly report on US crude stockpiles by
API is due ahead of the FOMC minutes to be published tomorrow.
WTI levels to consider
At the moment the barrel of WTI is gaining 0.09% at $48.09 with the initial hurdle at
$49.33 (high Aug.31 2015) followed by $50.92 (high Oct.9 2015) and
finally $54.42 (high Feb.15 2015). On the other hand, a breach of $45.08
(20-day sma) would expose $42.50 (low Apr.26) and then $41.00 (55-day
sma).
