WTI drops to lows near $46.00, API eyed

Crude oil prices are accentuating the daily correction lower, dragging the barrel of West Texas Intermediate to the vicinity of the $46.00 handle, or session lows.

WTI focus on API

Prices for the WTI are adding to Friday’s decline, testing levels near the key support at the $46.00 mark ahead of the publication of the weekly report on US crude supplies by the API.

The barrel of WTI came under unexpected selling pressure despite the prospects of further disruptions in oil refineries in Texas and Louisiana due to the Hurricane Harvey.

In the meantime, prices of the barrel of WTI are navigating in fresh 5-week lows around the $46.00 mark ahead of the API and EIA reports, due later today and tomorrow, respectively.

WTI levels to consider

At the moment the barrel of WTI is retreating 0.97% at $46.12 facing the next support at $45.40 (low Jul.24) seconded by $45.25 (61.8% Fibo of June-August up move) and finally $44.03 (76.4% Fibo of June-August up move). On the flip side, a break above $47.37 (10-day sma) would open the door to $47.66 (100-day sma) and finally $48.18 (21-day sma).