WTI recovers and erases weekly losses

By FXStreet FXStreet (Córdoba) – Crude oil prices recovered ground this Thursday, with WTI futures back above the $ 45.00 level, pretty much where it started the week.

The commodity fell down to a daily low of 43.36 during the past Asian session, but surged from there on, meeting buying interest around its daily 20 SMA, even despite the US Energy Information Administration reported an increase of 2.6 million barrels in crude supplies for the week ended September 4th during the American afternoon.

Oil technical perspective

“The daily chart shows that the Momentum indicator has lost its upward strength in extreme overbought levels, whilst the RSI indicator aims higher around 52, supporting additional gains on a break above 46,40, the weekly high”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart presents a neutral-to-bullish stance, as the technical indicators stand flat around their mid-lines, whilst the price is above a horizontal 20 SMA, reflecting this week range, rather than suggesting a clearer upcoming direction”.

Support levels 44.70 44.00 43.30. Resistance levels: 46.40 47.20 48.00.
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Source:: FX Street