WTI unchanged around $49.00

Crude oil prices are trading almost unchanged today following the generalized lack of volatility, with WTI hovering over the $49.00 mark per barrel.

WTI looks to inventories, USD

Today’s inactivity in the US has drained markets of all motivation, leaving the barrel of West Texas Intermediate to meander within a narrow range in the vicinity of the $49.00 handle so far.

In the meantime, WTI is extending its sideline pattern in the upper-$49.00 although a sustainable break above the psychological $50.00 mark still remains elusive.

Ahead in the week, API’s report on US stockpiles is due tomorrow followed by EIA’s crude inventories on Wednesday.

WTI levels to consider

At the moment the barrel of WTI is down 0.08% at $48.95 facing the next support at $47.53 (55-day sma) ahead of $45.83 (low Jun.17) and finally $43.03 (low May 10). 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).