WTI bounces off lows, back above $44.00

Crude oil prices have reverted the initial negative tone and are now climbing nearly 2% above the $44.00 mark.

WTI stronger ahead of API

Prices for the barrel of West Texas Intermediate have recovered the $44.00 handle and beyond after dropping to daily lows in the $43.00 neighbourhood in early trade, all in response to supply disruptions in Western Canada.

Collaborating with the recovery in crude prices, the greenback has lost some of its initial shine when tracked by the US Dollar Index, which is now challenging daily lows.

Ahead in the day the API’s weekly report on crude stockpiles will take centre stage in the NA session.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.66% at $44.16 with the initial hurdle at 
$46.78 (2016 high Apr.29) followed by $48.36 (high Nov.3 2015). On the other hand, a break below $41.91 (76.4% Fibo of $26.05-$46.78) would open the door to $39.72 (200-day sma) and finally $37.61 (low Apr.18).