WTI weaker, sidelined below $45.00

Pablo Piovano FXStreet

Crude oil prices have started the week on the wring footing, now dragging the barrel of West Texas Intermediate to the $44.80 region, down smalls for the day.

WTI offered on data

Prices for the WTI remains under pressure after driller Baker Hughes reported on Friday its 22^nd consecutive increase in US oil rig count, keeping concerns over the supply glut well and sound.

In fact, US active oil rigs went up by 6 to 747 during the week ended on June 16, fuelling prospects of rising US oil productions and collaborating with rising jitters on the effectiveness of the OPEC/non-OPEC deal in order to re-balance the oil market.

Ahead in the week, headlines coming from OPEC members as well as compliance levels of the current agreement should keep the pressure on prices. In the data space, the usual weekly report on inventories by the API (Tuesday) and the EIA (Wednesday) are also expected.

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 down 0.29% at $44.84 and 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). On the flip side, the next hurdle aligns 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).

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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