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WTI recovers $46.00 and above

FXStreet (Edinburgh) - Prices for the black gold have reverted the initial drop and are now heading to the area of session peaks in the upper-$46.00 per barrel.

WTI vigilant on data

The barrel of the West Texas Intermediate keeps recovering ground, as European markets have entered into the last hour of Tuesday’s session. Crude oil prices remain supported by hopes of a continuation of the downtrend in US production and today’s softer tone in the US dollar.

Ahead in the week, tomorrow’s meeting between OPEC and non-OPEC countries in Vienna to discuss a potential cut in the output remains in the traders’ radar, although hopes of an agreement remain flat.

Data wise, the EIA will release its weekly report on crude inventories on Wednesday, followed by the US oil-rig count by driller Baker Hughes on Friday.

WTI levels to watch

At the moment the barrel of West Texas Intermediate is up 0.99 % at $46.74 and a surpass of $47.24 (38.2% Fibo of $62.58-$37.75) would target $48.72 (100-day sma) and then $50.92 (high Oct.9). On the other hand, the next support aligns at $45.90 (uptrend from 2015 low) followed by $44.86 (55-day sma) and finally $43.61 (23.6% Fibo of $62.58-$37.75).

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