WTI reclaims $46.00 ahead of US CPI

Crude oil prices area extending its weekly upside today, now lifting the West Texas Intermediate to the $46.00 neighbourhood per barrel.

WTI in multi-week tops, focus on US CPI, API

Prices for the black gold are advancing for the fourth consecutive session so far and regaining the $46.00 handle and beyond, confirming at the same time the upside momentum since lows in the $39.00 area posted early in the month.

The persistent selling bias in USD is also adding to WTI gains ahead of US inflation figures and the weekly report on crude stockpiles by the API.

WTI levels to consider

At the moment the barrel of WTI is up 0.61% at $46.02 facing the next hurdle at $46.93 (high Jul.12) ahead of $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9). On the other hand, a breach of $42.80 (20-day sma) would expose $41.10 (low Aug.11) and finally $40.29 (200-day sma).