WTI steady around $48.00 ahead of data

The upside momentum in crude oil prices seems to be taking a breather today, with the West Texas Intermediate hovering over the $48.00 handle.

WTI attention to data

Prices for the black gold keep the trade in fresh 6-week highs above the $48.00 mark despite today’s sideline pattern in response to the renewed bid tone around the greenback.

The barrel of WTI remains on its way to close its third week with gains after bottoming out in the $39.20 region early in August, mainly backed by the persistent selling bias in USD so far this month and swelling hopes of a potential deal regarding an output freeze at the OPEC meeting next month.

Later in the NA session, driller Baker Hughes will release its US oil rig count during last week.

WTI levels to consider

At the moment the barrel of WTI is up 0.17% at $48.30 facing the next hurdle at $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9). On the other hand, a break below $45.95 (55-day sma) would expose $41.10 (low Aug.11) and finally $40.38 (200-day sma).