WTI leaps above $48 following the API stock data

After dropping to their lowest since November following the OPEC monthly report, crude oil prices quickly recovered amid a 531,000 bbls drop in the U.S. stocks. At the moment, WTI is gaining 0.21% at $48.50.

API data

According to the latest report published by the American Petroleum Institute on Tuesday, crude inventories fell by 531,000 barrels in the week to March 10 to 529.1 million, compared with analysts' expectations for an increase of 3.7 million barrels.

Non-OPEC production

Earlier during the American session, the barrel of West Texas Intermediate fell to $47.09 following OPEC's monthly report which said in 2017, non-OPEC oil supply is projected to grow by 0.40 million bpd, following an upward revision of 0.16 million bpd to average 57.74 million bpd.

Technical outlook

Immediate resistance is located at $50.11 (Mar. 10 high), followed by $52 (psychological level) and  $54.23 (Feb.28 high). On the downside, a breach of $47.09/00 area (daily low/psychological level) could open the door for a drop to $45.88 (Nov. 25 low) and $44.82 (Nov. 29 low).