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WTI corrects higher in Asia, API report eyed

FXStreet (Mumbai) - WTI oil stages a weak recovery in Asian trading on Tuesday, after the massive slump seen yesterday.

WTI: Gains capped by hourly 100-SMA

Currently, WTI trades 0.44% higher at 46.48, easing-off session highs posted at 46.69 in early Asia, which coincides with the hourly 100-SMA. Oil prices edge higher this session, consolidating heavy losses booked yesterday while bracing for the weekly stockpiles report from the API due later today.

Markets expecting a rise of 3.5 million barrels in US crude reserves for the week to October 16. It would mark the fourth straight week of expansion.

However, the upside remains capped amid persisting worries over ongoing supply glut and ahead of Wednesday’s OPEC and non-OPEC members’ technical meeting in Vienna.

On Monday, oil prices plunged after Moody’s lowered its price forecasts for both Oil benchmarks for the next two years.

Later in the day, the upcoming US housing data will provide fresh momentum on the US dollar, which may eventually impact oil prices.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 47.49 (Oct 19 High) levels above which gains could be extended to 47.70 (h1 200-SMA) levels. Meanwhile, support is seen 46 (round number) from here losses could be extended to 45.60 (50-DMA).

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