WTI challenges highs near $45.70

Crude oil prices are posting meagre gains after yesterday’s sharp sell off, now sending the barrel of WTI back to the mid-$45.00s.

WTI bid after Payrolls

The barrel of West Texas Intermediate is recovering the smile following Thursday’s plunge to the $44.80 region after the EIA reported crude oil inventories decreased less than estimated during last week.

A continuation of the selling pressure around the dollar despite stellar Payrolls numbers during June is now helping the barrel of WTI to regain the upper bound of the daily range ahead of the US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is up 1.22% at $45.69 facing the next resistance at $50.54 (high Jun.22) ahead of $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015). On the flip side, a break below $44.87 (low Jul.7) would open the door to $43.51 (100-day sma) and finally $43.03 (low May 10).