WTI regains $44.00 and above, USD sinks

The selling pressure around the greenback is helping crude oil prices to post decent gains on Monday, reverting at the same time Friday’s pullback.

WTI bounces off $42.70

After dropping to the $42.70 area on Friday, the barrel of West Texas Intermediate has opened the week on a firmer fashion and has now regained levels above the $44.00 mark, or advancing nearly 1.5%.

The softer tone in the greenback remains the exclusive driver behind today’s up move, although concerns over the supply glut remain far from abated ahead of the OPEC meeting in Algiers later in the month.

WTI levels to consider

At the moment the barrel of WTI is advancing 1.47% at $44.26 and a surpass of $45.19 (20-day sma) would aim for $47.75 (high Sep.8) and then $50.54 (high Jun.22). On the other hand, the next support lines up at $42.74 (low Sep.16) followed by $41.10 (low Aug.11) and finally $39.19 (low Aug.3).