WTI within range below $47.00 ahead of US data

Crude oil prices are trading slightly in the negative territory at the end of the week, with the barrel of West Texas Intermediate now rebounding to the vicinity of the $47.00 mark.

WTI attention to US data, Baker Hughes

Prices for the WTI failed to add to yesterday’s gains as the effects of the (now) tropical storm Harvey continue to weigh on sentiment despite the US government released a million barrels of oil of the strategic reserves to a refinery in Louisiana on Thursday.

The impact of Harvey has eclipsed news that the OPEC output decreased by around 170K barrels per day in August, mainly following fresh disruptions in Libya.

Ahead in the session, the greenback should stay in centre stage in light of the publication of the US non-farm payrolls, the ISM manufacturing and the weekly report on US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.32% at $47.08 and a break below $46.64 (low Sep.1) would expose $46.23 (50% Fibo of June-August up move) and then $45.58 (low Aug.31). on the other hand, the next up barrier lines up at $47.47 (high Aug.31) seconded by $47.84 (21-day sma) and finally $48.20 (high Aug.28).