WTI in a narrow range near $49.00

FXStreet (Edinburgh) – The barrel of the American benchmark for the light crude oil is posting decent gains on Thursday, currently hovering over $48.90 after hitting tops near $49.30.

WTI firmer on decreasing output

Crude oil prices have gathered further traction after Saudi Arabia has informed that it plans to trim its output after the summer. The news added to the recent report from the EIA, showing crude oil inventories decreasing by 4.2 million barrels in the week ended on July 24th and the US oil production dropping by around 151K barrels.

Crude oil prices are managing to remain in the positive ground in spite of the strong sentiment towards the greenback, although further upside appears not only limited but also unlikely.

WTI levels to watch

At the moment WTI is advancing 0.12% at $48.85 with the next resistance at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10). On the flip side, a breakdown of $47.05 (low Apr.1) would open the door to $45.33 (low Mar.23) and finally 444.03 (low Mar.18).

The barrel of the American benchmark for the light crude oil is posting decent gains on Thursday, currently hovering over $48.90 after hitting tops near $49.30…

(Market News Provided by FXstreet)