WTI firmer, back above $48.00 ahead of EIA

Crude oil prices are prolonging their rebound today, sending the barrel of West Texas Intermediate back above the $48.00 mark.

WTI focus on EIA report

After briefly testing lows near $45.85 on Wednesday, the barrel of WTI has embarked in the current recovery to levels above the $48.00 handle ahead of the weekly report on crude inventories by the EIA.

Collaborating with the upbeat tone around crude prices, the greenback has lost upside momentum in response to the better sentiment around the risk appetite.

WTI levels to consider

At the moment the barrel of WTI is up 1.10% at $47.98 facing the next resistance at $50.54 (high Jun.22) ahead of $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015). On the flip side, a break below $45.83 (low Jun.17) would aim for $43.03 (low May 10) and finally $40.65 (200-day sma).