WTI extends the upside near $49.00, API eyed

Crude oil prices are prolonging its weekly recovery on Wednesday, lifting the West Texas Intermediate to the vicinity of the key $49.00 mark per barrel.

WTI now looks to API

Prices of the barrel of the American benchmark for the sweet light crude oil are up for the fourth straight session so far, trading at shouting distance from fresh multi-day tops in the boundaries of the $49.00 handle recorded on Tuesday.

WTI remains firm as activity in refineries hurt by the Hurricane Harvey are slowly resuming their operations, although the focus of attention has now shifted to the category-5 storm Irma and other tropical storms hovering over the Gulf of Mexico.

In addition, the increasing selling bias surrounding the greenback is also underpinning the positive momentum around the black gold.

Ahead in the day, the weekly report on US crude oil supplies by the American Petroleum Institute is due later in the NA session followed by the more relevant EIA weekly report on Thursday.

WTI significant levels

At the moment the barrel of WTI is up 0.38% at $48.81 facing the next resistance at $48.98 (high Sep.5) followed by $49.65 (200-day sma) and finally $50.22 (high Aug.10). On the other hand, a breach of $48.45 (23.6% Fibo of the June-August up move) would aim for $47.69 (21-day sma) and then $47.36 (10-day sma).