WTI within a tight range below $47.00

Crude oil prices are trading slightly into the negative territory during the second half of the week, with the barrel of West Texas Intermediate around the $46.60 area.

WTI cautious ahead of Yellen, data

Prices for the black gold keep the choppy trade this week ahead of the key speech by Chairwoman J.Yellen at Jackson Hole and another revision of the US Q2 GDP figures, all expected tomorrow.

In the meantime, traders continue to digest the recent and surprising build up in crude oil inventories by nearly 2.5 million barrels during last week, as reported by the EIA on Wednesday.

WTI levels to consider

At the moment the barrel of WTI is losing 0.28% at $46.64 facing the next support at

$45.94 (55-day sma) followed by $41.10 (low Aug.11) and finally $40.52 (200-day sma). On the upside, a breakout of $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.9) and then $53.89 (high Jul.10 2015).