WTI regains $45.00 and above, daily tops

Pablo Piovano FXStreet

Crude oil prices are now extending the daily rebound, taking the barrel of West Texas Intermediate to the region of session peaks beyond the $45.00 mark.

WTI supported near $44.70

Prices for the black gold have reverted the initial downbeat sentiment and are now adding to Friday’s gains and climbing to 3-day tops above the $45.00 handle.

However, further gains appear unlikely as market participants continue to weigh the prospects of rising US oil production vs. the OPEC agreement to limit the oil output.

The latest report from driller Baker Hughes showed US oil rig count increased for the 22^nd consecutive week, taking US active oil rigs to 747 during the week ended on June 16.

Looking ahead, the API and the EIA will publish their weekly report on crude oil supplies on Tuesday and Wednesday, respectively.

From the positioning front and according to the latest CFTC report, crude oil speculative net longs have dropped to 4-week lows during the week ended on June 13.

WTI levels to consider

At the moment the barrel of WTI is up 0.44% at $45.17 facing the next up barrier at $45.70 (76.4% Fibo of the May rally) seconded by $46.71 (high Jun.12) and finally $46.91 (61.8% Fibo of the May rally). On the other hand, a drop below $44.22 (low Jun.15) would open the door to $43.76 (2017 low May 5) and then $42.20 (monthly low Nov.14 2016).

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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