WTI in the middle of the range near $46.60

Pablo Piovano FXStreet

Crude oil prices exchanging gains with losses at the beginning of the week, with the barrel of the West Texas Intermediate trading around $46.6 for the time being.

WTI gains capped near $46.70

Prices for the WTI keep the narrow range on Monday after driller Baker Hughes reported on Friday another increase in US oil rig count, this time by 2 and taking the active oil rigs to 765 in the week ended on July 7, the highest levels since April 2015.

However, traders seem to remain optimistic as the US drilling activity might be showing signs of a potential slowdown, which in turn should help lift prices when combined with the ongoing OPEC output cut deal.

Also bolstering the demand for crude oil, Chinese GDP data showed the economy expanded at an annualized 6.9% in the second quarter, surpassing initial estimates.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.02% at $46.55 and a break above $47.03 (50% Fibo of the May-June decline) would expose $47.31 (high Jul.4) and finally $48.37 (100-day sma). On the other hand, the immediate support aligns at $45.85 (38.2% Fibo of the May-June decline ) seconded by $44.90 (21-day sma) and finally $43.65 (low Jul.10).

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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