WTI flirting with lows near $50.00, OPEC eyed

Pablo Piovano FXStreet

Crude oil prices are struggling to advance further north of the $50.80 area on Thursday and are now prompting the West Texas Intermediate to return to the $50.00 neighbourhood, printing fresh session lows at the same time.

WTI attention on OPEC

Prices of the barrel of WTI are now on the defensive as traders continue to digest another build in US crude oil supplies, as reported by the EIA on Wednesday. Recall that US crude oil inventories rose more than expected by nearly 4.6 million barrels during the week ended on September 15, recording the third consecutive increase.

In addition, and weighing on prices, traders remain wary on Friday’s OPEC meeting in Vienna, where the cartel and other major oil producers are expected to discuss the likeliness of another extension of the current deal to cap the output.

In spite of today’s ongoing pullback, crude oil prices stay in the upper end of the recent rally and are managing quite well to keep business above the psychological $50.00 mark for the time being.

Looking ahead, driller Baker Hughes will publish its weekly oil rig count on Friday (749 active rigs at the moment).

WTI significant levels

At the moment the barrel of WTI is losing 0.99% at $50.19 and a breach of $49.55 (200-day sma) would aim for $49.31 (10-day sma) and then $49.15 (low Sep.14). On the other hand, the immediate hurdle aligns at $50.79 (high Sep.20) seconded by $52.00 (high May 25) and finally $53.76 (high Apr.12).

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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