WTI unable to gain traction, around $45.00

Crude oil prices are recovering part of Wednesday’s sharp pullback, now lifting the barrel of West Texas Intermediate above the $45.00 mark, up nearly 1%.

WTI shrug off supply concerns

Prices of the American benchmark for the sweet light oil have tumbled to lows in sub-$45.00 levels yesterday on swelling concerns over the supply glut after US inventories dropped less than estimated, according to the EIA.

A renewed offered bias around the greenback has been supporting today’s recovery along with a context favourable to the riskier assets.

WTI levels to consider

At the moment the barrel of WTI is up 0.67% at $45.05 and a break above $47.29 (20-day sma) would aim for $50.54 (high Jun.22) and then $51.67 (2016 high Jun.8). On the other hand, the initial support aligns at $44.13 (100-day sma) followed by $43.03 (low May 10) and finally $40.55 (200-day sma).