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WTI bounces off $46.00

FXStreet (Edinburgh) - The barrel of West Texas Intermediate is extending its rebound from session lows in the $46.00 area, currently advancing to the $46.55/60 band per barrel.

WTI softer ahead of EIA report

Investors keep the cautious trade ahead of the API report on crude oil stockpiles due later today and the EIA’s weekly report due tomorrow. In the meantime, concerns over the ongoing oil supply glut continue to linger, weighing on sentiment in spite of the current weakness around USD.

Crude oil prices remain supported by geopolitical jitters from the Middle East, as well as by the potential reduction in the output from both OPEC and non-OPEC countries.

WTI levels to watch

At the moment the barrel of West Texas Intermediate is losing 0.32% at $46.51 with the immediate support at $45.35 (uptrend from ytd lows Aug.24) followed by $44.68 (55-day sma) and finally $43.21 (low Sep.2). On the upside, a surpass of $49.34 (100-day sma) would target $50.96 (200-day sma) and then $53.10 (61.8% Fibo of $62.58-$37.75).

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