WTI in a narrow range below $50.00

Crude oil prices are showing signs of a small recovery today, with the West Texas Intermediate trading within a tight range in the mid-$49.00s per barrel.

WTI directionless ahead of Payrolls, OPEC

Oil traders remain on a cautious tone during the first half of the week, against the backdrop of usual month-end flows and a softer tone surrounding the greenback.

In addition, the consolidative theme is expected to extend further as market participants will start to factor in the OPEC meeting due later in June.

Ahead in the session, the weekly report on US crude stockpiles measured by the API is due later, followed by tomorrow’s EIA crude inventories and Friday’s US oil-rig count gauged by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.51% at $49.58 with the initial up barrier located at 50.21 (2016 high May 26) ahead of $50.92 (high Oct.9 2015) and finally $53.85 (high Jul.10 2015). On the other hand, a breakdown of $47.20 (20-day sma) would aim for $42.50 (low Apr.26) and then $40.14 (200-day sma).