WTI bounces off lows, regains $46.00 and above

Crude oil prices are recovering the smile on Thursday, now lifting the West Texas Intermediate back above the $46.00 mark per barrel.

WTI supported near $45.70

Prices of the American reference for the sweet light crude oil are so far reverting three consecutive declines, managing to find some buying interest in recent lows in the vicinity of $45.70.

WTI remained unable to gather further traction despite another draw in US crude oil inventories, as reported by the EIA on Wednesday. This time, supplies dropped by nearly 5.4 million barrels during the week ended on August 25, although US production ticked a tad higher during the same period.

In the meantime, trader stay wary on the headlines from the Hurricane Harvey and the impact on the US oil markets, particularly after several refineries around Texas had to close.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.26% at $46.08 and a break above $46.33 (high Aug.31) would open the door to $46.70 (55-day sma) and finally $47.23 (10-day sma). On the other hand, the next support is located at $45.77 (low Aug.31) seconded by $45.40 (low Jul.24) and then $45.25 (61.8% Fibo of June-August up move).