WTI pares early losses, regains $44.00 ahead of API

Crude oil prices stay on the defensive during the first half of the week, with the barrel of West Texas Intermediate managing to regain the $44.00 mark and above for the time being.

WTI now looks to API

Prices for the WTI have recovered some ground lost after dropping to as low as the $43.80 area in early trade as concerns over the supply glut keep weighing on traders’ sentiment.

WTI gained some attention after news cited Nigeria and Libya were invited to the meeting between Russia and OPEC members later in the month in St. Petersburg. It is worth mentioning that both countries plus Iraq have been increasing their oil output in recent months.

Looking ahead, the API’s weekly report on US crude oil supplies is due later in the NA session, ahead of tomorrow’s report by the DoE and Friday’s weekly oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.38% at $44.23 and a break below $43.84 (low Jul.11) would aim for $42.05 (2017 low Jun.21) and finally $41.10 (low Aug.11 2016). On the upside, the initial hurdle aligns at $45.85 (38.2% Fibo of the May-June decline) followed by $46.96 (55-day sma) and then $47.31 (high Jul.4).