WTI sinks to lows near $44.20 ahead of ISM

Crude oil prices have resumed their weekly decline, now dragging the West Texas Intermediate to session lows near $44.30 per barrel.

WTI in 3-week lows

Prices for the barrel of WTI remain in the area of multi-week lows while hopes of a deal over an output freeze at the OPEC meeting later in the month seem to lose traction.

In addition, the ongoing USD-rally and the recent build up in crude stockpiles as reported by the API and the EIA keep weighing on sentiment and somewhat limiting potential gains.

Ahead in the session, US ISM will take centre stage ahead of the critical Non-farm Payrolls and the US oil rig count by driller Baker Hughes, both due tomorrow.

WTI levels to consider

At the moment the barrel of WTI is losing 0.65% at $44.41 and a break below $41.10 (low Aug.11) would aim for $40.61 (200-day sma) and finally $39.19 (low Aug.3). On the flip side, the initial hurdle lines up at $45.56 (55-day sma) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9).