WTI regains $48.00 and beyond

After a brief test of the $47.00 mark following the UK referendum, the barrel of West Texas Intermediate has now managed to retake the $48.00 handle.

WTI lower on Brexit

Crude oil prices fell sharply in the wake of the ‘Brexit’ win at the UK Referendum, testing fresh lows around the $47.00 handle, albeit for a brief period of time.

Prices for the black gold rapidly lost ground following a strong bounce of the greenback amidst swelling risk aversion, coming down from overnight peaks above the critical $50.00 handle to briefly test sub-$47.00 levels.

Next on tap for WTI will be the weekly US oil-rig count by driller Baker Hughes, expected later in the NA session.

WTI levels to consider

At the moment the barrel of WTI is down 3.75% at $48.23 facing the next support at $46.63 (55-day sma) ahead of $45.83 (low Jun.17) and finally $43.03 (low May 10). On the flip side, a break above $50.21 (previous 2016 high May 26) would open the door to $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).