WTI weaker, testing lows near $43.80

Crude oil prices are extending their generalized bearish mood on Friday, now sending the barrel of West Texas Intermediate back below the $44.00 area per barrel.

WTI supported near $43.00

Prices for the WTI area retreating for the third consecutive week after being rejected from 2016 tops in levels just shy of the $52.00 mark on October 19.

Rising scepticism around the probability of an output freeze at the OPEC meeting in Vienna later in the month has combined with the recently announced raise in OPEC production during October, all weighing on traders’ sentiment and adding to the decline.

Additionally, recent increases in US crude oil supplies reported by the EIA and the API have collaborated with the descent.

Adding insult to injury, the rally in the buck remains unabated following Trump’s victory, which continues to undermine any attempt of recovery in crude prices.

Later in the NA session, the advanced US Consumer Sentiment gauge is due ahead of the weekly report on US drilling activity by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 1.88% at $43.82 facing the immediate support at $43.07 (low Nov.9) followed by $42.55 (low Sep.20) and finally $41.10 (low Aug.11). On the upside, a breakout of $45.95 (high Nov.9) would aim for $46.05 (100-day sma) and finally $47.32 (55-day sma).

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