WTI under pressure near $50.20

Crude oil prices are giving away part of Friday’s advance, now taking the West Texas Intermediate back to the vicinity of the $50.00 mark per barrel.

WTI focus on data, Fedspeak

Prices for the black gold are shedding nearly $2 after reaching fresh 2016 highs near the $52.00 mark during last week.

Speculations on a probable deal regarding an output freeze at the November OPEC meeting in Vienna continue to drive the sentiment around traders, while the declining trend in crude oil inventories seen in recent weeks keep adding buoyancy to prices.

Ahead in the session, the greenback will be in the limelight as FOMC’s J.Powell (permanent voter, neutral) is due to speak.

According to the latest CFTC report, WTI speculative net longs have declined a tad during the week ended on October 18, although they still remain in highs seen in the summer 2014, when the barrel was around $100.00.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.18% at $50.25 facing the next support at $50.09 (20-day sma) ahead of $49.15 (low Oct.10) and finally $47.23 (55-day sma). On the flip side, a breakout of $51.93 (2016 high Oct.19) would aim for $53.89 (high Jul.10 2015) and then $62.58 (high May 6 2015).