WTI stays unchanged around $45.30

Crude oil prices area alternating gains with losses so far today, pushing the West Texas Intermediate to the area of $45.30 per barrel.

WTI still in 5-week lows

Prices for the WTI have been retreating since Monday, extending the drop to fresh multi-week troughs near $44.90 on Wednesday after the EIA reported a historical build in crude supplies during last week (up more than 14 million barrels).

Adding to WTI downside, the OPEC has recently reported it has increased its production to more than 34 mbpd during October.

In the same line, scepticism remains high amongst traders regarding the likeliness of an output freeze in order to stabilize the markets. The deal should be confirmed at the next OPEC meeting in Vienna in late November.

Looking ahead, US Non-farm Payrolls are expected to keep the attention around the buck tomorrow, while oil traders will wait for the weekly report on US drilling activity by Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is losing 0.09% at $45.30 and a breakdown of $44.19 (low Sep.27) would expose $43.57 (200-day sma) and finally $42.55 (low Sep.20). On the other hand, the next resistance aligns at $46.37 (100-day sma) followed by $47.27 (55-day sma) and finally $49.41 (20-day sma).

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