WTI tumbles to lows near $43.50

Crude oil prices are extending its weekly decline on Thursday, sending the West Texas Intermediate to the $43.50 area per barrel, or session lows.

WTI in 2-week lows

Prices for the barrel of WTI keep multi-day troughs below the $44.00 handle and are extending its bearish note for the third session in a row, as concerns over the supply glut seem to have re-emerged amongst traders after Nigeria and Libya announced plans to resume exports.

In the meantime, dwindling expectations of a potential output freeze at the OPEC-non OPEC meeting later in the month have been also weighing on sentiment, despite the recent draw in inventories as reported by the EIA on Wednesday.

WTI levels to consider

At the moment the barrel of WTI is losing 0.16% at $43.51 and a breach of $43.00 (low Sep.1) would aim for $41.10 (low Aug.11) and finally $39.19 (low Aug.3). On the other hand, the initial up move aligns at $44.82 (55-day sma) followed by $47.75 (high Sep.8) and then $50.54 (high Jun.22).