WTI up smalls above $47.00

Crude oil prices are trading within a tight range on Monday, taking the barrel of the West Texas Intermediate to the area beyond the $47.00 mark so far today.

WTI rebounds from the mid-$45.00s

Crude oil prices are advancing for the third consecutive session today, gaining around $2 since last week’s lows in the mid-$45.00s and all amidst increasing geopolitical jitters on NK-headlines and a softer tone in the buck.

Prices for the WTI remain mostly focused on the effects of the Hurricane Harvey in Texas, while refineries are expected to re-open within days and fears of an increment in gasoline prices still on the rise.

Further news around WTI noted the speculative community remains net long, although contracts retreated to the lowest level since July 11 in the week on August 29 as per the latest CFTC report.

In addition, driller Baker Hughes reported on Friday a flat reading in the US oil rig count, leaving active rigs unchanged at 759.

WTI significant levels

At the moment the barrel of WTI is up 0.27% at $47.42 facing the next resistance at $47.75 (21-day sma) followed by $48.45 (23.6% Fibo of the June-August up move) and finally $48.75 (high Aug.21). On the other hand, a breach of $47.22 (10-day sma) would aim for $46.83 (55-day sma) and then $45.58 (low Aug.31).