WTI sinks to lows near $47.60

Crude oil prices are extending their weekly pullback, now sending the West Texas Intermediate back to sub-$47.00 per barrel, or session lows.

WTI up on supply concerns, EIA eyed

Prices for the WTI dropped further as prospects of a decline in global oil demand have regained traction as of late.

Additionally, the drilling activity seems to be picking up in the US economy according to the recent reports by driller Baker Hughes, all collaborating with concerns over the supply glut.

Ahead in the week, the FOMC minutes (Wednesday) and the EIA’s weekly report on crude oil inventories (Thursday) will be the next relevant events around crude oil ahead of Friday’s Non-farm Payrolls.

WTI levels to consider

At the moment the barrel of WTI is down 2.71% at $47.66 facing the next support at $45.83 (low Jun.17) ahead of $43.03 (low May 10) and the $40.63 (200-day sma). On the flip side, a break above $50.54 (high Jun.22) would open the door to $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).