FXStreet (Edinburgh) – Crude oil prices are edging higher on Tuesday, recovering part of Monday’s sharp sell off, which saw WTI trading near $45.00 per barrel, or multi-month lows.
WTI up on dollar weakness
The offered tone in the greenback has helped crude oil to recover from recent lows, although concerns on the current supply glut remain well and sound, prompting investors to keep the cautious tone.
Ahead in the week, traders will remain vigilant on the weekly report on crude oil inventories tracked by the EIA due tomorrow (+4.2 million barrels prev.) and the US oil rigs count reported by driller Baker Hughes on Friday (664 prev.)
WTI levels to watch
At the moment WTI is up 1.70 % at $45.94 with the next resistance at $46.94 (high Aug.3) followed by $48.62 (high Jul.31) and then $49.52 (high Jul.29). On the flip side, a breakdown of $45.08 (low Aug.3) would aim for $44.82 (low Mar.20) and finally $44.03 (2015 low Mar.18).
(Market News Provided by FXstreet)