WTI drops below $45.00, 2-month lows

Crude oil prices are falling further today, with the barrel of West Texas Intermediate breaking below the critical support at the $45.00 mark.

WTI weaker on USD, data

Prices for the barrel of WTI are prolonging its descent today following a re-emergence of the upbeat momentum around the US dollar after solid Payrolls during last month (287K).

In addition, Friday’s release of US oil rig count by driller Baker Hughes showed an increase of 10 oil rigs to 351, collaborating with the downside.

WTI levels to consider

At the moment the barrel of WTI is down 1.50% at $44.74 and a break below $43.76 (100-day sma) would open the door to $43.03 (low May 10) and finally $40.60 (200-day sma). On the flip side, the initial up barrier aligns at $47.70 (55-day sma) would aim for $50.54 (high Jun.22) and then $51.67 (2016 high Jun.8).