WTI off highs, eases to $44.70

After hitting fresh multi-week tops above the $45.00 mark, the West Texas Intermediate has now deflated to the $44.70 area per barrel.

WTI firmer on rumours ahead of data

Crude oil prices remain on the upside at the beginning of the week, advancing to 3-week highs above the $45.00 handle following rumours that oil producers could discuss measures in order to stabilize the oil market at the next OPEC meeting in September.

Ahead in the week, the usual report on stockpiles by the API (Tuesday) and EIA (Wednesday) will keep traders vigilant. Last week, driller Baker Hughes reported US oil rigs increased by 15 to 396 during the previous week.

WTI levels to consider

At the moment the barrel of WTI is up 0.40% at $44.67 facing the next hurdle at $45.15 (high Aug.15) ahead of $45.97 (55-day sma) and then $46.93 (high Jul.12). On the other hand, a breach of $42.67 (20-day sma) would expose $39.26 (low Aug.2) and finally $37.61 (low Apr.18).