WTI clings to gains near $47.30 ahead of API

Crude oil prices are reverting the recent down move today, now pushing the barrel of West Texas Intermediate to the $47.30 area.

WTI focus on API’s report

The bullish note in the greenback has been weighing on sentiment around crude oil in recent sessions, particularly after Chair Yellen’s speech has put back on the table the likeliness of a rate hike at the September meeting.

With supply glut concerns far from abated and hopes of an output freeze deal fizzling out at the next OPEC meeting, traders will search direction in today’s weekly report on US crude oil stockpiles by the API, expected later in the NA session.

WTI levels to consider

At the moment the barrel of WTI is gaining 0.79% at $47.35 and a break above $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.9) and then $53.89 (high Jul.10 2015). On the other hand, the next support is located at $45.69 (55-day sma) followed by $41.10 (low Aug.11) and finally $40.61 (200-day sma).