WTI weaker, drops below $43.00

Crude oil prices remain on the defensive on Monday, dragging the barrel of West Texas Intermediate to fresh lows in  sub-$43.00 levels.

WTI down on OPEC jitters

The barrel of WTI fell to fresh 3-month lows in the $42.70 region in early trade, as jitters over a potential no-deal on an output freeze at the OPEC meeting keep weighing on sentiment.

The recent victory of D.Trump in the US election has added to the ongoing concerns over part of the commodities space, including crude oil and Gold, boosting at the same time the demand for the greenback.

In addition, recent build in US stockpiles has been also collaborating with the rout in prices, while Baker Hughes reported on Friday that US oil rig count increased by 2 to 452.

Ahead in the week, the usual report on crude oil supplies by the API (Tuesday) and EIA (Wednesday) are due ahead of Friday’s report on US drilling activity by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 1.22% at $42.88 facing the immediate support at $42.55 (low Sep.20) ahead of $41.10 (low Aug.11) and then $39.19 (low Aug.3). On the upside, a breakout of $43.59 (high Nov.14) would expose $45.70 (200-day sma) and finally $45.95 (high Nov.9).

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