WTI depressed around $44.50 ahead of data

Crude oil prices are extending its bearish note today, currently dragging the barrel of West Texas Intermediate to the mid-$44.00s after testing lows near $44.20.

WTI now looks to data

After hitting 3-day highs around the $46.00 handle on Thursday, the barrel of WTI sparked a correction lower to today’s troughs in the vicinity of $44.20, where it is now looking to rebound amidst a re-emergence of the demand for the greenback.

Crude oil inventories have dropped more than estimated during last week according to the EIA’s report out on Wednesday, although the unexpected build up in gasoline inventories played against a more sustainable recovery.

Ahead in the session, the US drilling activity will take centre stage in light of the weekly report on US oil-rig count by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.45% at $44.55 and a break below $43.69 (low Jul.20) would open the door to $43.03 (low May 10) and finally $40.51 (200-day sma). On the flip side, the initial up barrier aligns at $46.47 (20-day sma) ahead of $47.83 (55-day sma) and then $50.54 (high Jun.22).