WTI off lows, looks to advance above $48.00

Crude oil prices remain on the defensive during the second half of the week, with the West Texas Intermediate bouncing off sub-$48.00 levels per barrel.

WTI weaker ahead of ISM

Prices for the WTI are losing ground for the second straight session in spite of the selling bias surrounding the greenback and the prevailing risk appetite trends.

Renewed concerns over crude oil supply and some profit taking following the recent strong advance above the $50.00 mark have been weighing on WTI, while market participants now look to the US ISM Manufacturing for further direction on the dollar.

Later in the European evening, driller Baker Hughes will release its weekly US oil rig count.

WTI levels to consider

At the moment the barrel of WTI is down 0.33% at $48.17 facing the next support at $47.37 (55-day sma) ahead of $45.83 (low Jun.17) and finally $43.03 (low May 10). On the flip side, a break above $50.21 (previous 2016 high May 26) would open the door to $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).