WTI still in sub-$48.00 levels ahead of EIA, FOMC

Prices for the West Texas Intermediate are down for the second session in a row today, currently hovering over the $47.80 area per barrel.

WTI focus on EIA, FOMC meeting

A softer tone in the greenback plus a mild bias towards the risk appetite have prompted crude oil prices to leave the area of daily lows in the mid-$47.00s, managing to regain the $47.80 area.

Prices for the black gold have extended the downside today following an unexpected build up in stockpiles on Tuesday, as reported by the API, while the weekly report on crude inventories by the EIA is due later in the NA session.

WTI will remain under pressure ahead in the day, as the FOMC meeting and Yellen’s press conference are poised to drive market sentiment.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.51% at $47.76 facing the next support at $46.73 (low May 19) followed by $45.23 (55-day sma) and then $43.03 (low May 10). On the other hand, a break above $50.21 (previous 2016 high May 26) would aim for $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).