WTI reverts the decline, regains $46.00 and beyond

Crude oil prices have left behind the initial weakness, lifting the barrel of West Texas Intermediate to the $46.70 region albeit shedding some ground afterwards.

WTI focus on OPEC, data

Prices of the barrel of the American reference for the sweet light crude oil are now trading on a firm footing after bottoming out near $45.60 in early trade, all amidst thin trade conditions and a vacuum of relevant releases/events.

Traders seem to have recovered some optimism despite recent report by Baker Hughes showed the activity from US drillers kept rising during the week ended on June 2.

in the meantime, crude oil net longs have climbed to 6-week tops during the week ended on June 6, as per the latest CFTC report.

Looking ahead, the OPEC’s Monthly Report is due tomorrow followed by the weekly report on US supplies by the API and Wednesday’s EIA report.

WTI levels to consider

At the moment the barrel of WTI is up 1.72% at $46.62 and a breakout of $46.91 (61.8% Fibo of the May rally) would target $48.40 (high Jun.6) en route to $48.62 (20-day sma). On the flip side, the next down barrier is located at $45.70 (76.4% Fibo of the May rally) seconded by $44.88 (hourly low May 5) and finally $43.76 (2017 low May 5).