WTI regains $47.00 ahead of API

Crude oil prices have bounced off session lows today, now lifting the barrel of West Texas Intermediate back to the $47.00 neighbourhood.

WTI now looks to API’s report

Prices for the black gold are extending the downside for the second session in a row today, although some buying interest seems to have turned up around $46.60.

In fact, concerns over the ongoing supply glut have re-emerged and keep weighting on sentiment, while speculations of a potential output freeze at next month’s informal OPEC meeting have run out of traction.

Later in the NA session, the API’s weekly report on US crude oil stockpiles is due ahead of tomorrow’s official EIA gauge.

WTI levels to consider

At the moment the barrel of WTI is losing 0.63% at $47.11 facing the next support at

$45.79 (55-day sma) followed by $41.10 (low Aug.11) and finally $40.49 (200-day sma). On the upside, a breakout of $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.9) and then $53.89 (high Jul.10 2015).