WTI sinks to $49.30, fresh lows ahead of rig count

Crude oil prices are now prolongingthe daily correction lower, dragging the West Texas Intermediate further south of the $50.00 per barrel for the first time since mid-September.

WTI now looks to Baker Hughes

Prices for the barrel of WTI stay on the defensive at the end of the week in response to the likely increase in oil inventories, as several refineries in the Gulf of Mexico are planning to close due to the tropical storm-potential hurricane Nate.

Crude oil prices practically ignored recent comments by Russian President V.Putin, hinting at the possibility that the ongoing OPEC/non-OPEC agreement to cap the oil output could be extended to end 2018.

In the meantime, prices for the WTI stay on their way to close the first week in the red territory after four consecutive advances, shedding already nearly 7% since late-September tops just below the $53.00 mark.

Ahead in the day, driller Baker Hughes will publish its weekly report on US oil rig count (+6 prev.).

WTI significant levels

At the moment the barrel of WTI is losing 2.78% at $49.38 and a break below $49.22 (50% Fibo of $45.58-$52.86) would aim for $48.97 (55-day sma) and finally $48.36 (61.8% Fibo of $45.58-$52.86). On the flip side, the initial up barrier aligns at $50.21 (21-day sma) followed by $51.06 (10-day sma) and finally $52.86 (high Sep.28).