WTI Wobbles Near $48.00, API Eyed
Crude oil prices are prolonging its weekly decline today, prompting the West Texas Intermediate to drop below the $48.00 mark per barrel, or multi-day lows.
WTI weaker ahead of OPEC meeting
Renewed concerns over the persistent supply glut in the market have been weighing on crude prices today.
Adding to the worrying scenario, increasing scepticism regarding the upcoming OPEC meeting and the likeliness of an agreement over the output freeze has been also impacting on sentiment and preventing prices from benefiting of the prevailing USD-sell off.
Later in the US afternoon, the weekly report on US crude stockpiles by the API is due ahead of tomorrow’s EIA report on inventories.
WTI levels to consider
At the moment the barrel of WTI is losing 1.93% at $48.15 with the initial support located at $47.66 (20-day sma) followed by $43.42 (55-day sma) and then $43.03 (low May 10). On the flip side, an advance above $50.21 (2016 high May 26) would open the door to $50.92 (high Oct.9 2015) and finally $53.85 (high Jul.10 2015).