WTI unchanged above $47.00 ahead of Yellen

Crude oil prices are trading almost unchanged at the end of the week, with the barrel of West Texas Intermediate hovering over the $47.30 region.

WTI focus on data, Yellen

The barrel of WTI is struggling to extend yesterday’s gains, as hopes of a potential deal over an output freeze at the OPEC meeting next month continue to dwindle and concerns over the supply glut seem to have re-emerged.

Furthermore, prices for the black gold remain vigilant on the speech by Chairwoman J.Yellen at the Jackson Hole Symposium and its impact on the greenback. Further data will see another estimate of US GDP figures in the second quarter and the US drilling activity during last week measured by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.02% at $47.32 facing the next support at

$45.71 (55-day sma) followed by $41.10 (low Aug.11) and finally $40.55 (200-day sma). On the upside, a breakout of $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.9) and then $53.89 (high Jul.10 2015).