WTI supported near $48, eyes on API figures

Oil futures on NYMEX dropped to $47.99 during the NA session, where the buyers came back into play allowing the barrel of West Texas Intermediate to erase some of the daily losses. As of writing, the barrel of WTI is losing 1.19% at $48.33.

API next

As the investors are getting ready for the API stock report, they might be hesitant to increase their bearish bets, allowing a technical correction. Both the API and EIA data showed that the American crude oil stocks unexpectedly dropped in the previous week.

Earlier during the NA session, oil quickly jumped 25 cents amid news signaling towards Russia's cooperation for an extension on the production cut deal. However, the spike was seen as an opportunity for the sellers as it took less than 15 minutes to erase the gains. 

Russia doesn't rule out a six-month extension - LiveSquawk

OPEC's oil production cuts are having unintended consequences - Goldman Sachs

Technical outlook

A break below $48 (daily low/psychological level) could aim for $47.09 (Mar.14 low) and $45 (psychological level). On the upside, the first hurdle could be found at $49.47 (daily high) followed by $50 (psychological level) and $50.93 (100-DMA).