WTI depressed around $48.30, focus on API

Crude oil prices are extending their weekly downside on Tuesday, dragging the West Texas Intermediate to the mid-$48.00s per barrel ahead of the API report.

WTI lower on Brexit, global concerns

The barrel of WTI remains on the defensive so far this week, extending the leg lower from last week’s 2016 highs in the vicinity of the $52.00 mark as concerns over global growth prospects and ‘Brexit’ keep undermining the sentiment.

In addition, the greenback has resumed its upside momentum, trading in multi-day tops above the 95.00 mark when tracked by the US Dollar Index (DXY), adding to the downside in WTI prices.

Later in the NA session, the API will release its weekly report on US crude stockpiles, ahead of the FOMC meeting and the EIA report on inventories, both expected tomorrow.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.08% at $48.35 facing the next support at $47.75 (low Jun.1) ahead of $46.73 (low May 19) and finally $45.46 (55-day sma). On the other hand, a break above $50.21 (previous 2016 high May 26) would aim for $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).