WTI bounces off lows and approaches $49.00 ahead of API

The barrel of WTI edges higher to the vicinity of $49.00.
OPEC+ plan a potential oil production cut in February.
The API will release its weekly report later in the NA session.

Pablo Piovano FXStreet

Crude oil prices reverse Monday’s losses and manage regain the $48.00 mark and above per barrel on turnaround Tuesday.

WTI looks to data, OPEC+

Prices of the barrel of the American benchmark for the sweet light crude oil regained the composure and the upside on Tuesday after bottoming out near the $47.0 mark at the beginning of the week.

Rumours that the OPEC+ could be mulling the idea of curtailing the oil production next month (by around 500K barrels per day) are behind the daily recovery in prices of the WTI, all coupled with the better sentiment in the risk complex.

Later in the NA session, the API will publish its usual weekly report on crude oil stockpiles ahead of tomorrow’s same report by the EIA.

WTI significant levels

At the moment the barrel of WTI is gaining 2.99% at $48.75 and faces the next hurdle at $49.80 (monthly high Jan.4) seconded by $50.00 (psychological level) and finally $54.45 (monthly high Feb.20). On the downside, a breach of $47.20 (monthly low Jan.4) would expose $46.18 (low Dec.23) ahead of $43.94 (monthly low Dec.2).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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