WTI firmer, eyes on $44.00 ahead of API

Crude oil prices are extending the upbeat momentum on Tuesday, now lifting the barrel of West Texas Intermediate to the boundaries of the $44.00 mark.

WTI in multi-day tops

Prices of the barrel of the American reference for the sweet light crude oil are posting gains for the fourth straight session today, extending the up move from last week’s multi-month lows in the $42.00 neighbourhood.

However, crude oil prices stay under pressure as the spectre of the supply glut continues to weigh over traders’ sentiment, all amidst rising US oil production and increasing scepticism over the OPEC deal ability to balance the market.

Looking ahead, the weekly report on US supply by the API is due later in the NA session ahead of tomorrow’s report by the DoE.

WTI levels to consider

At the moment the barrel of WTI is up 0.97% at $43.80 and a break above $44.40 (23.6% Fibo of the May-June drop) would aim for $45.06 (high Jun.19) and then $45.63 (20-day sma). On the flip side, the support aligns at $42.05 (2017 low Jun.21) followed by $41.10 (low Aug.11 2016) and finally $39.19 (low Aug.3 2016).