WTI up nearly 2% around $47.00/bbl, API eyed

Crude oil prices are extending the weekly upside on Tuesday, now lifting the West Texas Intermediate to the vicinity of the $47.00 mark per barrel.

WTI firmer ahead of API

Prices of the barrel of the American reference for the sweet light crude oil are advancing for the second consecutive session today and trading at shouting distance from July’s tops above the $47.00 mark.

The persistent selling pressure surrounding the greenback is helping USD-denominated assets to extend the upbeat momentum, while the barrel of WTI is already gaining more than 7% since last week’s lows in the $43.60 region.

In the meantime, WTI stays firm in light of the upcoming meeting between Russia and key OPEC producers on July 22 in St. Petersburg. Countries will then assess the current market conditions with Libya as an extra attendee.

On the docket this week, the API will publish its weekly report on US supplies later in the NA session ahead of tomorrow’s report by the EIA and Friday’s US drilling activity data.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.61% at $46.76 and a break above $47.03 (50% Fibo of the May-June decline) would expose $47.31 (high Jul.4) and finally $48.29 (100-day sma). On the other hand, the immediate support aligns at $45.85 (38.2% Fibo of the May-June decline) seconded by $45.05 (21-day sma) and finally $43.65 (low Jul.10).