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WTI subdued ahead of API report, ignores OPEC comments

FXStreet (Mumbai) - WTI oil on NYMEX trades choppy on Tuesday, swinging between gains and losses, as markets await the fresh inventory report from the American Petroleum Institute (API) due alter today for further direction.

WTI back above $ 46

Currently, WTI trades -0.22% higher at 46.14, retreating from fresh session lows struck at 45.74 in last hours. The oil prices keep losses and consolidate heavy gains seen in the previous two sessions after the greenback weakened following dismal US fundamentals.

Oil traders ignored the latest comments from OPEC’s Secretary General Abdalla Salem el-Badri, citing that the record drop in the upstream investment would result in less supply in short-term, which in-turn might help boost prices.

On Monday, falling rig count in the US and talks over Russia agreeing consultations with the OPEC and non-OPEC producers, boosted the oil prices.

Meanwhile, focus shifts towards the API weekly report due later today ahead of the Energy Information Administration (EIA) report due to be published on Wednesday.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 46.74 levels above which gains could be extended to 47.15 levels. Meanwhile, support is seen 43.92 levels from here losses could be extended to 43.

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