WTI losses traction below $44.00, US data eyed

After briefly testing overnight tops beyond the $44.00 mark, the West Texas Intermediate has now deflated to the mid-$43.00s.

WTI weaker ahead of US docket

The better tone in crude oil prices has pushed the barrel of WTI to fresh 2-week peaks in the $44.30 region during overnight trade, although the up move lacked of follow trough and triggered the ongoing correction lower.

WTI has gathered extra traction yesterday following rumours that oil producers could discuss measures to stabilize the oil market at the meeting in Algiers next month, although traders remain quite sceptical over the potential outcome, if any at all.

Next on tap will be US July’s Retail Sales and advanced Consumer Sentiment for the current month ahead of oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is up 0.18% at $43.57 facing the next support at $42.66 (20-day sma) followed by $39.26 (low Aug.2) and then $37.61 (low Apr.18). On the upside, a breakout of $44.16 (high Aug.12) would aim for $45.09 (100-day sma) and then $46.93 (high Jul.12).