WTI firmer, flirting with $47.00 ahead of API

Crude oil prices are advancing over 1% on Tuesday, now lifting the West Texas Intermediate to the boundaries of the $47.00 mark per barrel.

WTI bid ahead of API report, OPEC meeting

Prices for the black gold are edging higher during the first half of the week, now testing the upper end of the range in the vicinity of the key $47.00 mark per barrel backed by rising optimism ahead of the OPEC meeting due later in the week.

In addition, the US could consider banning imports of crude from Venezuela, which could in turn benefit Canadian oil producers.

In the meantime, prices for the barrel of WTI are up for the second consecutive session, bouncing off Monday’s lows in the $45.40 region and eyeing recent peaks in the mid-$47.00s.

Looking ahead, the API’s weekly report on US crude oil supplies are due later followed by tomorrow’s EIA’s report and Friday’s US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.36% at $46.97 and a surpass of $47.55 (monthly top Jul.20) would open the door to $47.95 (100-day sma) and finally $48.20 (61.8% Fibo of the May-June drop). On the other hand, the next support aligns at $45.89 (21-day sma) seconded by $45.85 (38.2% Fibo of the May-June decline) and then $45.40 (low Jul.24).