WTI losing smalls around $47.70, data eyed

Pablo Piovano FXStreet

The recent upside in crude oil prices seem to be taking a breather on Friday, with the West Texas Intermediate hovering over the $47.70 area per barrel so far.

WTI looks to US data

Prices for the WTI are retracing yesterday’s strong advance to levels above the $48.00 mark following the deal between OPEC and non-OPEC members on an output freeze, snapping at the same time a 2-day positive streak.

Profit taking sentiment, a stronger greenback and month-end flows are behind today’s price action around the black gold, all ahead of key US data releases and the weekly report on US drilling activity by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.40% at $47.34 and a breakdown of $42.55 (low Sep.20) would expose $41.10 (low Aug.11) and finally $39.19 (low Aug.3). On the other hand, the initial hurdle aligns at $48.32 (high Sep.29) followed by $48.75 (high Aug.19) and then $51.67 (2016 high Jun.6).

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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