WTI tumbles to lows near $45.60

Crude oil prices are sharply lower at the beginning of the week, dragging the West Texas Intermediate to the area of $45.70/60 per barrel.

WTI weaker on data, Turkey

Prices for the WTI have deflated further on Monday after the Turkish government remains in total control of the country, mitigating concerns over a potential disrupt in the area.

Additionally, WTI met extra downside pressure following the rising drilling activity in the US after driller Baker Hughes has reported another increase in US active oil rigs on Friday.

Ahead in the week, the API’s weekly report is due tomorrow, followed by the EIA report on inventories on Wednesday and US oil rig count on Friday.

WTI levels to consider

At the moment the barrel of WTI is down 2.12% at $45.66 and a break below $44.48 (100-day sma) would open the door to $43.03 (low May 10) and finally $40.55 (200-day sma). On the flip side, the initial up barrier aligns at $48.70 (55-day sma) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.8).