WTI stays above $48.00 ahead of API report

Crude oil prices have managed to leave behind some of the recent bearishness today, pushing the barrel of West Texas Intermediate back above the $48.00 mark and challenge 3-day tops.

WTI attention to API’s report

Prices for the WTI rose on Tuesday in response to increasing rumours on the likeliness of an extension of the OPEC/non-OPEC deal to cut the oil output beyond the original timeline (June 2017).

Iranian Oil Minister B.Zanganeh was on the wires earlier in the session saying that the agreement could be extended although more negotiations (and time) are needed.

Anyway, crude oil prices remain under pressure as traders keep weighing the ongoing OPEC deal against rising oil production in the US, as noted by the continuous increase of active US oil rigs.

Later in the session, the weekly report on US crude stockpiles by the American Petroleum Institute (+4.529 mb prev.) is due ahead of tomorrow’s official report on supplies by the DoE.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.84% at $48.13 and a surpass of $48.48 (high Mar.23) would open the door to $48.68 (200-day sma) and finally $49.62 (high Mar.16). On the other hand, the immediate support aligns at $47.08 (low Mar.27) followed by $47.01 (2017 low Mar.22) and then $44.82 (low Nov.29).