WTI clinches fresh highs above $46.00

Crude oil prices are extending their march north so far this week, pushing the West Texas Intermediate to daily tops above the $46.00 mark per barrel.

WTI firmer on USD-weakness

Prices for the WTI are advancing since Monday backed by a persistent selling bias in the greenback, intensified following yesterday’s FOMC meeting, and some hopes on a probable output freeze at the OPEC meeting next week.

In addition, important decreases in US inventories as reported by the API (Tuesday) and the EIA (Wednesday) constitute another source of buying interest around the black gold.

WTI levels to consider

At the moment the barrel of WTI is advancing 1.81% at $46.16 and a surpass of $47.75 (high Sep.8) would aim for $48.75 (high Aug.19) and finally $50.54 (high Jun.22). On the other hand, the next support lines up at $42.74 (low Sep.16) followed by $41.10 (low Aug.11) and finally $39.19 (low Aug.3).