Oil futures on NYMEX are flirting today with a maximum of two months achieved in the area 50.02 in the early hours of the day, because the feeling is still backed up by the negotiations about the sanctions on Venezuela and the tightening of crude supplies in the united States.
WTI: what Will sustain the buyers above the area 50.00?
The bulls have gained pace and await a new impulse to climb to the upside, as the latest reports from the united States considering sanctions against Venezuela, oil-related keep the objective in greatest increases.
On the other hand, with the inventories of the U.S. showing declines and drilling activity slowing, the black gold continues to hold the bullish momentum. The new u.s. production is also slowing, with only 10 plataformaas added in July, its lowest number since may of 2016, Reuters reported.
The focus now shifts to the weekly reports of inventory of crude oil per week, which will be published at the end of this week to get new signals on prices. At the time of writing this report, WTI traded a 0.46% increase to 49.94 dollars while the Brent climbs a 0.36% to 52.43 usd.
WTI technical levels
The resistors are aligned in 49.90 (DMA 200), 50.29 (maximum of 29 may) and 50.50 (psychological level), while supports are located at 49.48 (DMA 5), 49.00 (round figure) and 47.79 (DMA 100).