WTI weaker below $46.00 ahead of API

Crude oil prices are navigating the area of yesterday’s close around the $46.00 mark despite the solid pace of the US dollar.

WTI now looks to API

After Monday’s dip to the $44.80 area, the barrel of West Texas Intermediate is now looking to recover part of the ground lost although its remains unable to gather sustainable traction in a context dominated by the preference for the greenback.

Additionally, traders remain wary ahead of the release of the weekly report on US crude inventories due later and the EIA’s report on inventories scheduled for Wednesday.

WTI levels to consider

At the moment the barrel of WTI is down 0/17% at $45.84 and a break below $44.86 (low Jul18) would open the door to $44.42 (low Jul.11) and finally $43.03 (low May 10). On the flip side, the initial up barrier aligns at $46.72 (20-day sma) followed by $47.89 (55-day sma) and then $50.54 (high Jun.22).

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