WTI upside still capped around $50.00, OPEC, IEA eyed

Crude oil prices are extending the upside momentum into the second half of the week, lifting the West Texas Intermediate to the $49.80/90 band per barrel.

WTI bid after EIA

Prices of the barrel of the American benchmark for the sweet light crude oil are advancing for the second consecutive session so far today, backed by yesterday’s decrease of nearly 6.5 million barrels in US crude oil supplies, as reported by the EIA.

However, the unexpected increase in gasoline inventories removed some shine from the report.

Ahead in the session, traders will remain wary on the publication of the OPEC’s monthly report ahead of the IEA’s monthly report due tomorrow.

In the meantime, prices for the WTI are extending the sideline theme between $48.50 and the $50.00 mark prevailing since the start of the month, retreating from July’s top around $50.40.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.44% at $49.78 facing the next hurdle at $50.43 (high Aug.1) seconded by $52.00 (high May 25) and then $53.76 (high Apr.12). On the downside, a break below $48.45 (23.6% Fibo of the June-July rally) would aim for $48.29 (21-day sma) and finally $48.02 (100-day sma).