WTI clings to gains above $49.00, US GDP eyed

Crude oil prices are posting marginal gains on Thursday, with the barrel of West Texas Intermediate currently hovering over the $49.30 region.

WTI bid ahead of US GDP

Prices for the WTI are advancing after three consecutive pullbacks today, shedding around $3 since last week’s fresh 2016 tops in levels just shy of the $52.00 mark.

WTI attempted to regain the critical $50.00 mark on Wednesday after the DoE reported crude oil supplies have decreased by more than 0.5 million barrels during last week vs. an expected build up of nearly 1.7 million barrels, although the up move lacked of follow through.

In the meantime, the softer tone around the greenback and the mentioned weekly draw in US inventories remain supportive of crude prices today, while optimism over a deal on an output freeze at the OPEC meeting next month seems to be fizzling out.

Later in the NA session, the usual weekly report on the US labour market is due along with Durable Goods Orders and Pending Home Sales, all preceding tomorrow’s flash GDP figures for the third quarter.

WTI levels to consider

At the moment the barrel of WTI is advancing 0.45% at $49.40 and a surpass of $51.93 (2016 high Oct.19) would open the door to $53.89 (high Jul.10 2015) and then $62.58 (high May 6 2015). On the other hand, the next support lines up at $48.87 (low Oct.26) followed by $47.32 (55-day sma) and finally $46.44 (100-day sma).