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Crude oil prices are reverting yesterday’s pullback, lifting the barrel of West Texas Intermediate to the $49.30 region, or session tops.
WTI now looks to oil rig data
Prices for the WTI have regained the $49.00 mark and above despite the buying pressure around the greenback following July’s payrolls.
WTI met some selling pressure after Tuesday’s fresh 3-month tops in the $50.40 region, although the correction lower seems to have found some decent support in the mid-$48.00s for the time being.
Despite the recent rally, traders remain skeptics regarding a sustainable advance in crude oil prices, as concerns over the supply glut remain well and sound while the effectiveness of the OPEC deal to cut the oil output seems to be showing some tepid results, albeit insufficient to shift investors’ sentiment.
In the data space, traders will gauge the weekly report on US drilling activity by Baker Hughes, due later in the NA session.
WTI levels to consider
At the moment the barrel of WTI is up 0.17% at $49.17 facing the next hurdle at $50.43 (high Aug.1) seconded by $52.00 (high May 25) and then $53.76 (high Apr.12). On the other hand, a break below $48.37 (low Aug.1) would pave the way for $47.96 (100-day sma) and finally $47.23 (38.2% Fibo of the June-July rally).
