WTI deflates from tops, around $49.50

Crude oil prices are posting marginal losses so far today, pushing the barrel of West Texas Intermediate back to the mid-$49.00s ahead of the opening bell in Wall St.

WTI steady, eyes on data, Libya

Crude oil prices are struggling to extend gains after two consecutive advances, as supply glut concerns seems to have re-emerged amongst traders.

Prices for the WTI have been recently boosted by rumours citing the likeliness that the OPEC’s output cut deal could be extended beyond H2 2017.

Adding to the recent upside, crude oil supplies rose less than initially estimated according to weekly reports by the API (Tuesday) and the EIA (Wednesday), while supply disruptions in Libyan oil fields have been also lending support to the up move as of late.

Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count on Friday (+21 prev.).

WTI levels to consider

At the moment the barrel of WTI is losing 0.08% at $49.47 facing the immediate support at $47.08 (low Mar.27) followed by $47.01 (2017 low Mar.22) and then $44.82 (low Nov.29). On the upside, a break above $49.75 (high Mar.30) would open the door to $50.84 (high Mar.9) and finally $51.17 (100-day sma).