Crude oil prices are accelerating its daily losses on Tuesday, dragging the West Texas Intermediate to sub-$46.00 levels per barrel ahead of the API’s weekly report on US crude stockpiles.
WTI attention to API, FOMC
Prices for the black gold stay sidelined so far today, as market participants continue to wait for the FOMC decision on Wednesday and the usual report on US crude oil supplies by the API, later in the NA session (-4.62 mb prev.).
WTI also met extra downside pressure after the OPEC said in its monthly report earlier in the session that it increased its output by more than 336 kbpd to 32.1 mbpd in May, led by Libya, Nigeria and Iraq.
Further news from the OPEC noted the cartel now expects the global oil demand to grow by 1.3% this year, while US supply is seen expanding 5.8% (around 800 kbpd).
WTI levels to consider
At the moment the barrel of WTI is losing 1.09% at $45.63 with the next support at $45.20 (low Jun.8) seconded by $44.88 (hourly low May 5) and finally $43.76 (2017 low May 5). On the other hand, a breakout of $46.71 (high Jun.12) would aim for $46.91 (61.8% Fibo of the May rally) and then $48.40 (high Jun.6).