WTI approaches $41.00 ahead of API

Crude oil prices area extending the rebound on Tuesday, lifting the West Texas Intermediate to the vicinity of the $41.00 mark per barrel.

WTI now looks to API

The persistent weakness around the greenback has been fuelling the current bounce in crude prices despite concerns over the ongoing supply glut remain unabated.

Later in the NA session, the API’s weekly report on crude oil stockpiles is due ahead of tomorrow’s report by the EIA and the US oil rig count by Baker Hughes on Friday.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.92% at $40.80 and a break above $44.06 (20-day sma) would open the door to $44.89 (100-day sma) and then $46.93 (high Jul.12). On the flip side, the immediate support lines up at $39.82 (low Aug.1) followed by $37.61 (low Apr.18) and finally $35.24 (low Apr.5).