WTI climbs to highs around $47.60 ahead of Fedspeak

Prices for the West Texas Intermediate are prolonging its positive streak today, advancing beyond the $47.00 mark to print fresh 6-week tops.

WTI firmer following EIA, FOMC

WTI is posting gains for the sixth consecutive session so far. The current rally has been sustained by the broad-based offered bias around the greenback and yesterday’s unexpected drop of crude oil inventories by more than 2.5 million barrels, according to the EIA’s weekly report.

In addition, hopes of some kind of deal regarding the output freeze at the informal OPEC meeting next month have been also sustaining the upbeat mood around crude oil.

In the data space, speeches by FOMC’s Dudley and Williams are expected later, while US oil rig count by driller Baker Hughes is due tomorrow.

WTI levels to consider

At the moment the barrel of WTI is up 1.65% at $47.56 facing the next hurdle at $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9). On the other hand, a breach of $45.96 (55-day sma) would expose $41.10 (low Aug.11) and finally $40.35 (200-day sma).