WTI resumes the downside, near $43.40

Crude oil prices have resumed their weekly decline today, dragging the West Texas Intermediate deeper below the $44.00 mark per barrel.

WTI attention to US data

Prices for the WTI has quickly eroded Thursday tepid gains, now shedding over 1% to daily lows in the $43.45/40 band following a pick up in the demand for the greenback.

In the same line, concerns over the supply glut continues to weigh on sentiment, adding to the downside despite this week’s decrease in US crude oil inventories according to reports by the API (Tuesday) and EIA (Wednesday).

Later in the session, US CPI and the Reuters/Michigan index will be the salient points in the US docket, ahead of the report on US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 1.18% at $43.39 and a breach of $43.00 (low Sep.1) would aim for $41.10 (low Aug.11) and finally $39.19 (low Aug.3). On the other hand, the initial up move aligns at $44.73 (55-day sma) followed by $47.75 (high Sep.8) and then $50.54 (high Jun.22).