WTI Eases from Highs, Near $45.00
Crude oil prices keep the buoyant sentiment on Thursday, with the barrel of West Texas Intermediate climbing as high as $45.30 in early trade.
WTI still under pressure on strong USD
Prices for the black gold area advancing for the second consecutive session today, leaving behind recent build ups in inventories reported by the API on Tuesday and the EIA on Wednesday, and focusing instead on the wildfires hitting western Canada, which continue to threaten oil sands output.
The barrel of the WTI keeps its bid tone despite the ongoing rally in the dollar and ahead of US Initial Claims and the speech by St. Louis Fed J.Bullard.
WTI levels to consider
At the moment the barrel of WTI is up 3.08% at $45.13 with the initial hurdle at $46.78 (2016 high Apr.29) followed by $48.36 (high Nov.3 2015). On the other hand, a breach of $42.91 (20-day sma) would target $41.91 (76.4% Fibo of $26.05-$46.78) en route to $39.73 (200-day sma).