WTI rebounds beyond $48.00 ahead of EIA

The recovery in crude oil prices is now taking the barrel of West Texas Intermediate above the $48.00 mark, or 4-day peaks.

WTI firmer on risk

Crude oil prices are adding to yesterday’s recovery, retaking the $48.00 mark and above amidst persistent USD-weakness and a generalized solid note from the riskier assets.

In the meantime, global markets continue to recover after the Brexit-induced sell-off in detriment of the demand for usual safe havens as USD, CHF and JPY

Next on tap will be the weekly report on crude oil inventories by the EIA, which sees stockpiles to have decreased by nearly 2.4 million barriels during last week.

WTI levels to consider

At the moment the barrel of WTI is up 0.73% at $48.20 facing the next hurdle at $50.21 (previous 2016 high May 26) followed by $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015). On the other hand, a breach of $47.06 (55-day sma) would aim for $45.83 (low Jun.17) and finally $43.03 (low May 10).