WTI drops to lows near $45.30

Crude oil prices have resumed the downside today, now sending the West Texas Intermediate to print fresh lows in the $45.30 area per barrel.

WTI lower, USD picks up pace

Prices for the barrel of WTI have left the area of daily highs in the $46.00 neighbourhood posted in early trade despite the renewed offered bias surrounding the US dollar.

WTI is now eroding yesterday’s advance after the EIA’s weekly report showed crude inventories have dropped more than estimated during last week; however, gasoline inventories have increased against forecasts for a drop, removing some optimism from the report.

Ahead in the week, driller Baker Hughes’s weekly report on US drilling activity is expected tomorrow.

WTI levels to consider

At the moment the barrel of WTI is losing 0.66% at $45.45 and a break below $44.55 (100-day sma) would open the door to $43.03 (low May 10) and finally $40.52 (200-day sma). On the flip side, the initial up barrier aligns at $47.84 (55-day sma) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.8).