WTI firmer, retakes $48.00 and beyond

Crude oil prices are trading on a firmer note on Tuesday against the backdrop of renewed demand, lifting the West Texas Intermediate to the $48.00 neighbourhood per barrel.

WTI bid after Harvey

Prices for the WTI are edging higher today following a pick up in the demand for crude oil, as refineries in Texas are slowly returning to normalcy following the disruptions caused by the Hurricane Harvey.

In addition, the upside pressure around gasoline futures have eased in response to now diminished risks of supply disruptions.

Ahead in the week, the API will publish its weekly report on US crude oil supplies on Wednesday, followed by Thursday’s report by the EIA and the US oil rig count by Baker Hughes on Friday.

WTI levels to watch

At the moment the barrel of WTI is up 1.67% at $48.08 facing the next resistance at $48.45 (23.6% Fibo of the June-August up move) followed by $48.75 (high Aug.21) and finally 49.63 (200-day sma). On the other hand, a breach of $47.27 (10-day sma) would aim for $46.92 (55-day sma) and then $45.58 (low Aug.31).