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WTI extends weakness ahead of EIA report

FXStreet (Mumbai) - WTI oil edged lower on Thursday, extending losses for the fourth straight session, as oil trader remain wary ahead of a batch of key US data and the weekly EIA inventory report.

WTI trades below hourly 50-SMA

Currently, WTI trades 0.38% lower at 46.47, oscillating in a narrow range. Oil prices remained subdued today as markets digest the API report, showing a 9.4 million barrels jump in the crude inventories versus a rise of just 2.8 million barrels expected.

Later in the day, the US CPI and Philly Fed manufacturing data will direct further moves in the USD, which will eventually impact the oil prices.

While the EIA stockpiles report will be also closely watched for fresh cues on the supply scenario. Markets are predicting a rise of about 2.2 million barrels.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 46.81/47 (hourly 50-SMA & round number) levels above which gains could be extended to 48.43 (Oct 13 High) levels. Meanwhile, support is seen 46 (round number) levels from here losses could be extended to 45.10 (50-DMA).

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