WTI keeps the red below $49.00 ahead of data

Crude oil prices are deflating from recent tops, taking the West Texas Intermediate to the $48.90/80 band per barrel.

WTI looks to data, Irma

Prices of the barrel of the American benchmark for the sweet light crude oil are down for the second consecutive session on Friday, trading in sub-$49.00 levels amidst rising cautiousness over Hurricane Irma and its potential impact on US oil industry.

Prices of the WTI failed to extend the rally further north of the $49.40 region this week, sparking the ongoing correction lower, which seems to have found some decent support today in the $48.70 area.

Looking ahead, driller Baker Hughes will publish its weekly report on the US oil rig count, with active oil rigs totalling 759 in the week ended on August 25.

WTI significant levels

At the moment the barrel of WTI is losing 0.31% at $48.94 facing the immediate support at $48.58 (61.8% Fibo of the August drop) seconded by $47.71 (21-day sma) and then $47.68 (10-day sma). On the upside, a break above $49.42 (high Sep.6) would open the door to $49.64 (200-day sma) and finally $50.22 (high Aug.10).