WTI weaker, drops to lows near $51.50 ahead of API

Pablo Piovano FXStreet

Crude oil prices are trading on the defensive on Wednesday, dragging the West Texas Intermediate to fresh lows in the mid-$51.00s per barrel.

WTI lower on USD buying

Prices for the WTI met extra selling pressure today amidst a strong recovery of the greenback, as the recent sell off seems to have taken a breather.

Price action remains dependent on news coming from evidence that the recently clinched deal between OPEC and non-OPEC meeting is progressing as planned, albeit the increasing scepticism on its final impact on prices and stabilization of the markets.

Ahead in the session, the weekly report on US stockpiles by the API is due along key data in the US docket and Fedspeak.

WTI levels to consider

At the moment the barrel of WTI is losing 1.49% at $51.70 and a break below $50.71 (low Jan.10) would expose $49.95 (low Dec.15) and then $48.95 (100-day sma). On the other hand, the next resistance is located at $52.93 (20-day sma) followed by $53.52 (high Jan.17) and finally $54.32 (high Jan.6).

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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