WTI rises to 46,50 $, API report in focus

FXStreet — WTI extends its recovery from a 4-week low last week, and so can be recorded on Tuesday with the European trade, on 46,50 a small profit.

Optimism is renewed in relation to the possibility of an extension of OPEC Deals to Oil production cut in June, with the mood on the Oil market supported.

Despite the upward movement, investors remain cautious, because they expect a slowdown in the demand, while, on the other hand, the US Oil production is on the rise.

The dealer on Tuesday to the release of the weekly API U.S. crude oil inventories. On Wednesday, the official data from the Energy Information Administration (EIA), which can assign the commodity to a short-term direction.

The persistent buying interest to the Greenback is the US dollar index via 99.00 rise, which limits the gains of the Dollar-traded commodities such as Oil.

Important Levels

Resistances lie at 47,00, 47,55 and 48,25/30. On the other hand, supports are located at 46,00, 45,30/25 45.00 (psychological level).

** FXStreet News Editorial, FXStreet**

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