WTI challenges lows near $49.00

The barrel of West Texas Intermediate is trading in the lower end of the daily range near the $49.00 handle.

WTI lower on US buying

Prices for crude oil are retreating marginally at the beginning of the week amidst scarce volatility and thin trade in response to the inactivity in the US markets and a firm tone in the greenback.

Ahead in the week, the weekly report on crude stockpiles y the API is expected tomorrow, followed by the EIA report on Wednesday and Non-farm Payrolls on Friday.

WTI levels to consider

At the moment the barrel of WTI is retreating 0.20% at $4923 with the initial support at $47.20 (20-day sma) followed by $42.50 (low Apr.26) and then $40.14 (200-day sma). On the other hand, a breakout of $50.21 (2016 high May 26) would open the door to $50.92 (high Oct.9 2015) and finally $53.85 (high Jul.10 2015).