WTI weaker, breaches $41.00 ahead of ISM

Prices for the West Texas Intermediate continue to fall at the beginning of the week, coming down to re-test levels below the $41.00 support per barrel after Friday’s rebound.

WTI lower on data

Crude oil prices have extended its downside today, putting the $41.00 support under further pressure amidst USD-strength and following another up tick from the US oil rig count, according to Friday’s report by driller Baker Hughes (oil rigs up by 3 to 374 during last week).

Ahead in the session US ISM Manufacturing for the month of July is expected, ahead of API’s report on crude oil stockpiles (Tuesday) and EIA’s report on Wednesday.

WTI levels to consider

At the moment the barrel of WTI is losing 1.83% at $40.84 and a break below $40.43 (200-day sma) would open the door to $37.61 (low Apr.18) and finally $35.24 (low Apr.5). On the flip side, the initial up barrier aligns at $44.03 (20-day sma) ahead of $45.88 (100-day sma) and then $46.93 (high Jul.12).