WTI losing the grip, testing $45.00

Crude oil prices are reverting Monday’s advance and are currently dragging the West Texas Intermediate to the $45.00 area per barrel.

WTI weaker ahead of API

Prices for the WTI are extending their choppy trade so far this week, after being rejected from recent peaks in the proximity of the $48.00 mark recorded last Thursday.

Crude oil prices remain under pressure for the time being, amidst swelling scepticism on the potential output freeze at the OPEC meeting later in the month and rising speculations on a rate hike by the Federal Reserve in the next months.

Later in the NA session, the weekly report on US crude oil stockpiles by the API is due. Recall that last week the API reported the biggest draw since 1999, reaching around 12 million barrels.

WTI levels to consider

At the moment the barrel of WTI is losing 2.40% at $45.17 and a breach of $43.00 (low Sep.1) would aim for $41.10 (low Aug.11) and finally $39.19 (low Aug.3). On the other hand, the initial up move aligns at $46.33 (20-day sma) followed by $47.75 (high Sep.8) and then $50.54 (high Jun.22).