WTI unchanged around $49.30, API eyed

Crude oil prices are marginally up on Tuesday, now sending the barrel of West Texas Intermediate to the $49.30 region ahead of the API report.

WTI focus on API, US data

Prices for the black gold are so far reverting a 6-session negative streak, trading at shouting distance from yesterday’s April lows in the $49.00 neighbourhood, reinforced at the same time by the key 200-day sma (today at $49.07).

Crude oil prices have come under renewed downside pressure after testing the vicinity of the $54.00 mark earlier in the month, already losing nearly 9% since those levels.

Sentiment around crude oil remains heavy as traders continue to gauge the effectiveness of the OPEC output cut deal (initially aimed to rebalance the oil market) vs. rising US oil production and stockpiles.

Later in the session, the weekly report on US stockpiles by the API is due (-0.84 mb prev.) ahead of the EIA’s report on Wednesday and US oil rig count by Baker Hughes on Friday.

WTI levels to consider

At the moment the barrel of WTI is losing 0.02% at $49.22 facing the next support at $49.07 (200-day sma) followed by $49.03 (low Apr.24) and then $48.45 (78.6% Fibo of the March-April rally). On the other hand, a break above $50.22 (high Apr.24) would aim for $51.09 (20-day sma) and finally $51.29 (55-day sma).