WTI tumbles to lows near $44.20, ISM eyed

Crude oil prices have reverted the initial positive tone, sending the West Texas Intermediate to the $44.20 area per barrel, fresh daily lows.

WTI weaker ahead of US ISM

The barrel of WTI is shedding over a dollar since daily highs near $45.60 after the initial optimism following the deal between Russia and Saudi Arabia have fizzled out during the afternoon in Europe.

Adding to the disappointment among traders, Saudi oil minister said there is no need to cap output, all ahead of the informal talks to be held in Algeria later in the month.

Collaborating with the decline, the greenback has been trimming losses in light of the release of the ISM Non-manufacturing (55.7 exp.) and the API’s report on crude stockpiles (Wednesday).

WTI levels to consider

At the moment the barrel of WTI is losing 0.68% at $44.14 and a break below $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 next hurdle aligns at $46.53 (high Sep.5) followed by $50.54 (high Jun.22) and then $51.67 (2016 high Jun.9).