WTI plummets below $49.00, session lows

Pablo Piovano FXStreet

Crude oil prices stay on a weak note on Monday, with the barrel of West Texas Intermediate now sinking to fresh lows in sub-$49.00 levels.

WTI in the lower end of the range

Prices of the barrel of the American reference for the sweet light crude oil are extending its rangebound theme below the critical $50.00 mark at the beginning of the week, coming down from fresh 9-week tops in the mid-$50.00s seen on August 1.

Concerns over the supply glut re-emerged among traders after the OPEC announced last week an increment of its output during July, motivating traders to stay sceptical on the ability of the cartel to rebalance the oil markets.

Additionally, the US oil production remains on the rise, bolstering (even boosting) jitters over an excess of supply.

Latest news for oil saw driller Baker Hughes reporting on Friday that oil rig count went down by 1 during last week, taking US active oil rigs to 765.

WTI levels to consider

At the moment the barrel of WTI is losing 1.75% at $48.73 facing the next support at $48.37 (low Aug.1) seconded by $47.96 (100-day sma) and finally $47.23 (38.2% Fibo of the June-July rally). On the other hand, the next up barrier emerges at $50.43 (high Aug.1) seconded by $52.00 (high May 25) and then $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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