WTI consolidating below $45.00 ahead of EIA

Crude oil prices have managed to rebound from overnight lows, now sending the West Texas Intermediate to the vicinity of the $45.00 mark per barrel.

WTI weaker on Trump win, looks to EIA

Prices for the barrel of the American light sweet crude oil have reverted the earlier test of the $43.00 neighbourhood following an initial wave of risk aversion in response to concerns on the likeliness of Trump being elected US President.

However, and following the outcome of the US elections, WTI gathered some traction and recovered part of the ground lost along with a generalized pick up in the sentiment around global markets.

WTI dropped further on Tuesday after the API reported US crude supplies increased by nearly 4.5 million barrels during last week, adding to the recent massive build in stockpiles and ahead of the EIA weekly report due later in the NA session.

WTI levels to consider

At the moment the barrel of WTI is losing 0.53% at $44.74 facing the immediate support at $43.10 (low Nov.9) followed by $42.55 (low Sep.20) and finally $39.19 (low Aug.3). On the flip side, a break above $46.19 (100-day sma) followed by $47.07 (55-day sma) and finally $48.21 (20-day sma).

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