WTI slips to lows near $51.30 ahead of API

Crude oil prices have resumed their weekly downside today, dragging the West Texas Intermediate to multi-day lows in the mid-$51.00s per barrel.

WTI weaker, looks to API

Prices for the WTI are extending the decline to the area of $51.50 per barrel, levels last seen in mid-December in spite of the prevailing selling bias surrounding the greenback.

Scepticism remains high among traders regarding the ongoing deal to limit the oil production, as the scenario remains mixed with countries cutting their production and others, like Libya, increasing the output to multi-year highs, and Iraq, keeping its output steady near record highs, all putting the agreement under further test.

Later in the day, traders will keep focused on the weekly report on US crude oil stockpiles by the API, ahead of tomorrow’s official report by the DoE.

Data wise in the US, the NFIB Business Optimism index bettered expectations in November while JOLTs job Openings have come in below consensus during the same period.

WTI levels to consider

At the moment the barrel of WTI is losing 1.35% at $51.26 and a break below $49.95 (low Dec.15) would open the door to $49.59 (55-day sma) and then $48.55 (100-day sma). On the other hand, the next resistance lines up at $52.37 (high Jan.10) followed by $52.93 (20-day sma) and finally 54.32 (high Jan.6).