WTI, weaker, horizontal direction below $ 45.00
WTI, weaker, horizontal direction below $ 45.00

WTI prices continue to be under pressure after Friday’s Baker Hughes US oil drilling report, showing a 22nd rise in US oil drilling numbers, worries over surplus supply continue unabated.
The number of US active oil drills has risen to 747 in the week of June 16, boosting expectations for rising US oil production and raising the debate over the effectiveness of the OPEC / OPEC deal to rebalance the market.
Later in the week, news from OPEC members, according to levels of adjustment, may continue to put pressure on prices. The data center is expected to have Tuesday API and EIA data on Wednesday.
Moreover, according to the recently announced CFTC report, speculative WTI net buying positions fell to a four week low in the week of June 13.
WTI Crude Oil currently trades at $ 44.80, down 0.38%.
Significant technical levels for WTI
Support levels were $ 45.70 (76.4% Fibo May rally), $ 46.71 (June 12 summit) and $ 46.21 (November 14th dip 2016) to $ 44.22 (June 15 dip), $ 43.76 61.8% Fibo May rally) may create resistance for the pair of levels.