WTI regains $49.00 and beyond, daily highs

Crude oil prices have abandoned the initial negative tone and are now recovering some ground lost, lifting the West Texas Intermediate back above the $49.00 mark per barrel.

WTI attention to API

Once again, poor figures from the Chinese Caixin PMI sparked jitters over the demand of crude oil from the Asian giant, although the negative mood has fizzled out during the European morning.

In the same line, Libya has announced it has resumed its production after protests blocking two relevant oilfields have ended, all collaborating with the recent downbeat sentiment in prices.

In the broader picture, traders continue to weigh the likeliness of an extension of the OPEC/non-OPEC output cut deal beyond June against rising US oil production, as showed by the solid increase of active oil rigs measured by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is advancing 0.41% at $49.04 and a surpass of $49.59 (61.8% Fibo of the March-April rally) would aim for $49.76 (high Apr.28) and finally $50.20 (high Apr.26). On the downside, the immediate barrier emerges at $48.59 (low May 1) seconded by $48.45 (78.6% Fibo of the March-April rally) and then $48.20 (low Apr.27).