WTI weaker, around $49.30 on OPEC jitters

Crude oil prices stay on the defensive on Thursday, taking the West Texas Intermediate to the lower bound of the range near the $49.00 mark per barrel.

WTI weaker on OPEC supplies

Prices of the barrel of the American benchmark for the sweet light crude oil are trading in a softer fashion today after the OPEC supplies climbed to a fresh YTD high during last month, reaching around 32 million barrels per day, according to Reuters.

WTI is eroding yesterday’s advance despite the EIA reported US crude oil inventories decreased less than initially forecasted during the week ended on July 28.

Traders in the meantime remain vigilant, as the spectre of the supply glut still hovers over the markets, while prices are still struggling to overcome the psychological $50.00 mark on a more sustainable fashion.

WTI levels to consider

At the moment the barrel of WTI is losing 0.53% at $49.33 facing the next support at $48.37 (low Aug.1) seconded by $47.95 (100-day sma) and finally $47.23 (38.2% Fibo of the June-July rally). On the other hand, the next up barrier emerges at $50.43 (high Aug.1) seconded by $52.00 (high May 25) and then $53.76 (high Apr.12).