WTI stuck within a tight range above $48.00

The recent upside in crude oil prices seems to have run out of steam on Tuesday, with the West Texas Intermediate currently hovering over the $48.30 region.

WTI focus on USD, API

The persistent up move in the greenback during the first half of the week keeps capping occasional rallies in WTI, while traders remain vigilant on the API’s weekly report on US crude stockpiles due later in the NA session.

In the meantime, the recent deal at the OPEC meeting in Algiers regarding an output freeze continue to bolster sentiment in light of the November meeting and keeps the downside somewhat limited.

Later in the week, the EIA’s weekly report is due tomorrow, ahead of US oil rig count by Baker Hughes on Friday along with the critical Non-farm Payrolls in September (170K exp.).

WTI levels to consider

At the moment the barrel of WTI is losing 0.45% at $48.60 facing the next support at $46.28 (100-day sma) followed by $45.85 (20-day sma) and finally $42.55 (low Sep.20). On the flip side, a breakout of $50.54 (high Jun.22) would expose $51.67 (2016 high Jun.6) and then $53.89 (high Jul.10).