WTI struggles for direction above $49.00, OPEC, API eyed

Pablo Piovano FXStreet

Crude oil prices are trading without a clear direction on Tuesday, and are now lifting the barrel of West Texas Intermediate to the mid-$49.00s, up smalls for the day.

WTI now looks to OPEC

Prices of the WTI are trading in a consolidative theme amidst rising cautiousness among traders in light of the conclusion of the 2-day OPEC/non-OPEC meeting in Abu Dhabi.

It is worth mentioning that OPEC and non-OPEC producer are meeting in order to assess the current output cut deal and look for ways to boost the compliance with the agreement.

In addition, traders will look to the weekly report on US crude oil inventories by the API due later in the day.

WTI levels to consider

At the moment the barrel of WTI is losing 0.02% at $49.38 facing the next support at $48.37 (low Aug.1) seconded by $47.98 (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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