WTI probing daily tops above $47.00

Pablo Piovano FXStreet

Crude oil prices are looking to extend its weekly recovery and are now pushing the West Texas Intermediate to daily highs beyond the $47.00 mark per barrel.

WTI now looks to Baker Hughes

Prices for the WTI are advancing for the second session in a row so far today, always on the back of a weaker sentiment around the greenback while the recent decrease in US crude oil supplies is also collaborating with the recovery.

In the meantime, the sentiment around crude oil continues to swing between prospects of slowdown in the Chinese demand and rising US crude oil output.

However, tightening conditions in the market as of late appear to bolster the better momentum in prices, which seem to have found decent support around weekly lows in the mid-$46.00s seen yesterday.

In the data space, driller Baker Hughes will publish its weekly report on US drilling activity.

WTI levels to consider

At the moment the barrel of WTI is up 0.34% at $47.25 and a break above $47.94 (100-day sma) would open the door to $48.45 (23.6% Fibo of the June-August up move) and finally $48.54 (21-day sma). On the other hand, the immediate support aligns at $46.51 (55-day sma) followed by $46.46 (low Aug.17) and then $46.24 (50% Fibo of the June-August up move).

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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