WTI off highs, recedes to $44.70

Crude oil prices are trading on a better mood at the beginning of the week, now sending the West Texas Intermediate to the $44.70 region per barrel.

WTI up on Clinton news

Prices for the WTI have been boosted on Monday after the FBI cleared Democratic candidate H.Clinton over the recent emails controversy, bolstering the risk-on sentiment.

In the meantime, WTI has managed to leave recent lows in the mid-$43.00s although it remains in the area of 2-month troughs against the backdrop of rising scepticism on the potential deal on an output freeze at the OPEC meeting in Vienna later in the month.

In the same direction, recent large builds in crude supplies as reported by the API and EIA during last week have collaborated with the downside.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.57% at $44.76 facing the immediate hurdle at $46.22 (100-day sma) followed by $47.10 (55-day sma) and finally $48.45 (20-day sma). On the other hand, a breakdown of $43.76 (200-day sma) would expose $43.57 (low Nov.4) and finally $42.55 (low Sep.20).

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