WTI moves to session highs near $49.50

Crude oil prices are reverting the recent down move and are lifting the barrel of the West Texas Intermediate to the mid-$49.00s, or daily highs.

WTI upbeat post-API, now looks to EIA

Prices of the barrel of the American reference for the sweet light crude oil are posting moderate gains in the middle of the week, although a test/surpass of the critical $50.00 mark still remain elusive.

The upbeat momentum in WTI found support in yesterday’s decrease of US crude oil supplies by almost 8 million barrels during the week ended on August 4, as reported by the American Petroleum Institute (API) and ahead of today’s weekly figures from the DoE report on crude inventories (-2.7 mbpd exp.).

In the meantime, WTI stays sidelined below the $50.00 limestone, always amidst persistent concerns over the supply glut, low compliance with the OPEC/non-OPEC output cut deal and prospects of rising US oil production.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.49% at $49.41 facing the next hurdle at $50.43 (high Aug.1) seconded by $52.00 (high May 25) and then $53.76 (high Apr.12). On the downside, a break below $48.45 (23.6% Fibo of the June-July rally) would aim for $48.09 (21-day sma) and finally $47.23 (38.2% Fibo of the June-July rally).