WTI: Will buyers keep control above $ 46 ahead of API data?

Dhwani Mehta FXStreet

Oil futures on NYMEX found support once again near $ 45.85 levels, and from there embarked upon a minor-recovery above $ 46 mark on the back strengthening Asian demand.

WTI awaits API report for fresh impetus

The black gold extended its downside consolidative-mode into Europe, although ran through fresh bids over the last hour, as the greenback stalled its recovery-mode against most of its major peers. A stronger US dollar makes the USD-denominated commodity expensive for holders in foreign currencies and vice-versa.

Also, oil prices remain supported amid firming demand from the Chinese refineries, after the data showed on Monday that the refineries in China increased crude throughput in June to the second highest on record.

Oil traders, however, remain on the edge and refrain from creating fresh bullish positions amid omnipresent oversupply worries, and also ahead of the key US API stockpiles report due later on Tuesday.

At the time of writing, WTI trades +0.46% higher at $ 46.23, while Brent rises +0.58% to $ 48.70.

WTI technical levels

Higher side: $ 46.73 (weekly high), $ 47.10 (Jul 3 high), $ 47.50 (psychological levels)

Lower side: $ 45.52 (10-DMA), $ 44.51 (Jul 5 low), $ 43.67 (Jun 28 low)

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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