WTI advancing to highs near $45.30, OPEC, EIA eyed

Crude oil prices are posting decent gains on Wednesday, lifting the West Texas Intermediate back to the boundaries of the $45.30 area per barrel.

WTI focus on OPEC, EIA

Prices for the black gold are recovering part of yesterday’s significant pullback to weekly lows in the $44.20 region ahead of the OPEC meeting and against the backdrop of rising rumours regarding the likeliness (or not) of a deal between OPEC and non-OPEC on an output freeze.

Prices for the WTI have found some respite following the unexpected draw in US stockpiles during last week, according to the API’s report released on Tuesday and ahead of today’s report on crude inventories elaborated by the EIA.

In the meantime, the initial upside momentum in the buck seems to have run out of vigour, accompanying the ongoing recovery in crude oil prices.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.25% at $45.28 and a breakout of $46.52 (high Sep.22) would aim for $47.75 (high Sep.8) and then $48.75 (high Aug.19). On the other hand, the next support aligns at $42.55 (low Sep.20) ahead of $41.10 (low Aug.11) and finally $39.19 (low Aug.3).