WTI clings to $45.00 ahead of EIA

Crude oil prices are looking to extend their daily gains today, pushing the West Texas Intermediate further north of the $45.00 mark per barrel.

WTI looks to EIA

Prices for the WTI attempted a recovery late on Tuesday after US stockpiles increased less than expected during last week, according to the latest API’s report.

Crude oil prices are extending the choppy trade so far this week, looking to stabilize around the $45.00 handle after being rejected from September’s top near $48.00, always looking to the USD-dynamics and the Fed’s potential moves as the main drivers for price action.

Ahead in the day/week, the EIA’s weekly report on crude inventories is due later in the NA session, ahead of Friday’s report by Baker Hughes on US drilling activity.

WTI levels to consider

At the moment the barrel of WTI is up 0.42% at $45.09 and a breakout of $46.02 (20-day sma) would open the door to $47.75 (high Sep.8) and then $50.54 (high Jun.22). On the other hand, the immediate support aligns at $43.00 (low Sep.1) followed by $41.10 (low Aug.11) and finally $39.19 (low Aug.3).