WTI off highs, retreats to sub-$41.00 levels

After climbing as high as the $41.40 area earlier in the session, the barrel of West Texas Intermediate has surrendered those gains and returned to the mid-$40.00s.

WTI back to red figures, glut concerns persist

Crude oil prices has managed to revert the weekly drop to 4-month lows in the $39.20 area, retaking the $41.00 handle after yesterday’s report from the EIA showed a huge draw in gasoline inventories despite crude oil inventories rose against expectations.

The continuation of the bid fashion around the greenback, some profit taking and lingering concerns over the supply glut continue to weigh on crude oil today, ahead of Friday’s Non-farm Payrolls and US oil-rig count by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.51% at $40.62 and a breakdown of $39.26 (low Aug.2) would aim for $37.61 (low Apr.18) and finally $35.24 (low Apr.5). On the other hand, the next resistance aligns at $43.44 (20-day sma) followed by $44.90 (100-day sma) and then $46.93 (high Jul.12).