WTI weaker, breaks below $44.00

The selling bias remains unabated around crude oil prices today, dragging the barrel of West Texas Intermediate to sub-$44.00 levels, or 4-month lows.

WTI lower on glut concerns

Prices for the back gold have resumed its downside from last week, breaking below the $44.00 mark as jitters over the supply glut have re-emerged following another increase in the US drilling activity, as reported by driller Baker Hughes on Friday.

In the meantime, the barrel of WTI is losing ground for the second session in a row and remains unable to gather any traction despite the offered tone around the US dollar today and ahead of the API report on US crude stockpiles due tomorrow

WTI levels to consider

At the moment the barrel of WTI is losing 0.70% at $43.88 and a break below $43.69 (low Jul.20) would open the door to $43.03 (low May 10) and finally $40.50 (200-day sma). On the flip side, the initial up barrier aligns at $44.74 (100-day sma) ahead of $47.74 (55-day sma) and then $50.54 (high Jun.22).