WTI up smalls, retakes $47.00 ahead of API

Crude oil prices are posting meagre gains so far on Tuesday, taking the barrel of West Texas Intermediate to the boundaries of the $47.00 mark.

WTI near 2-month lows

Prices for the barrel of WTI keep the area of 2-month lows around the $47.00 handle after briefly testing the area of $46.70 on Monday.

Increasing scepticism over the ability of OPEC and non-OPEC countries to clinch a final deal on an output freeze in Vienna later in the month continues to drive the sentiment among traders, dragging prices more than $5 since fresh 2016 tops near the $52.00 mark (October 19).

Later in the NA session, US ISM Manufacturing and Markit’s Manufacturing PMI are due ahead of the weekly report on US stockpiles by the API. Recall that crude oil prices have found support in recent weeks following substantial draws in crude oil supplies.

Regarding positioning and according to the latest CFTC report, WTI speculative net longs remained in levels last seen in June 2014 above 400K contracts, when the American benchmark for the light sweet oil was trading around $100 per barrel.

WTI levels to consider

At the moment the barrel of WTI is up 0.15% at $46.93 and a breakout of $47.39 (55-day sma) would expose $49.84 (55-day sma) and finally $51.93 (2016 high Oct.19). On the other hand, the immediate support lines up at $46.63 (low Oct.31) followed by $46.44 (100-day sma) and finally $43.51 (200-day sma).


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