WTI advances to highs near $48.30 ahead of EIA, FOMC

Crude oil prices have managed to leave behind the initial negative tone and are now lifting the barrel of West Texas Intermediate above the $48.00 mark.

WTI now looks to EIA, FOMC

Prices for the WTI have faded yesterday’s spike to multi-week peaks just above the $49.00 mark per barrel, as uncertainty around the potential deal to limit the oil output at the OPEC meeting in Vienna still lingers.

In addition, the greenback has recovered the smile, taking the US Dollar Index back above the key barrier at 101.00 the figure and pouring cold water over the recent recovery in the USD-denominated assets.

Crude oil prices have also suffered the unexpected build in US Gasoline stockpiles during last week despite the draw by nearly 1.3 million barrels in crude supplies reported by the API on Tuesday.

Later in the session, US Markit’s advanced manufacturing PMI for the current month is due followed by Durable Goods Orders, New Home Sales, Initial Claims, November’s final Consumer Sentiment and the FOMC minutes.

WTI levels to consider

At the moment the barrel of WTI is up 0.21% at $48.13 with the next hurdle at $49.22 (high Nov.22) ahead of $50.54 (high Jun.22) and then $51.60 (high Oct.10). On the other hand, a breach of $47.16 (55-day sma) would open the door to $45.93 (20-day sma) and finally $42.20 (low Nov.14).

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