WTI retakes $48.00 and beyond, API eyed

By FXStreet The barrel of West Texas Intermediate has recovered both the $48.00 mark and the positive territory today.

WTI focus on API

Prices for the black gold has resumed its upside after two consecutive losses so far, coming back from earlier troughs in the $47.60 area to the current $48.30 region, all framed within a broader sideline theme in the upper end of the range and slightly below 2016 tops near the $49.00 handle.

WTI managed to revert the initial negative bias in spite of the ongoing sentiment favouring the greenback, all ahead of the weekly report on crude stockpiles by the API due later in the NA session.

WTI levels to consider

At the moment the barrel of WTI is advancing 0.77% at $48.45 with the initial hurdle at $48.95 (2016 high May 18) followed by $49.33 (high Aug.31 2015) and finally $50.92 (high Oct.9 2015). On the flip side, a breach of $46.26 (20-day sma) would allow a visit to $42.50 (low Apr.26) and then $42.15 (55-day sma).
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Source:: FX Street