WTI upside lost momentum above $48.00

Crude oil prices are now edging higher, pushing the barrel of West Texas Intermediate to fresh daily tops above the $48.00 mark, although losing some vigour soon afterwards.

WTI now looks to API

Crude oil prices are reverting yesterday’s pullback, coming up from lows in the $47.00 neighbourhood to challenge daily peaks beyond the $48.00 handle following an auspicious open in the US markets.

In fact, market chatter regarding President Trump was making strides in his tax reform plans has boosted the risk associated assets, pushing the barrel of the American reference for sweet light crude oil to the upper end of the range and eroding initial losses at the same time.

In addition, and supporting the better tone in WTI, Libya’s Sharara oil field shut today after just hours of reopening.

Looking ahead, traders will shift their focus to the weekly report on US crude oil inventories by the American Petroleum Institute (API), due later in the NA session and ahead of tomorrow’s EIA report on supplies.

WTI levels to consider

At the moment the barrel of WTI is up 0.42% at $47.74 and a break above $48.75 (high Aug.21) would aim for $49.61 (200-day sma) and finally $50.22 (high Aug.10). On the flip side, the immediate support lines up at $47.03 (low Aug.21) seconded by $46.53 (55-day sma) and then $46.46 (low Aug.17).