WTI close to session tops around $47.80

Crude oil prices are trading on a firm note at the end of the week, with the barrel of West Texas Intermediate hovering over the area of daily highs near $47.80.

WTI now looks to Jackson Hole, Baker Hughes

Prices for the black gold keep the upbeat tone today following increasing concerns over potential supply disruptions in the US ahead of the hurricane Harvey, which is regarded as the largest hurricane in the last 12 years.

In the meantime, the barrel of WTI should stay under pressure via USD-dynamics, as Chief J.Yellen is due to speak at the key Jackson Hole Symposium later in the day.

Furthermore, the big picture around crude oil prices stays the same, with concerns arising from increasing US oil production and generalized skepticism over the ability of the OPEC output cut deal to balance the markets.

Latest news in that regard cited the possibility (still far it seems) of another extension of the OPEC agreement beyond March.

Data wise around WTI, driller Baker Hughes will publish its weekly report on US oil rig count later today.

WTI levels to consider

At the moment the barrel of WTI is up 0.78% at $47.80 and a break above $48.53 (21-day sma) would open the door to $48.75 (high Aug.21) and finally $49.64 (200-day sma). On the flip side, the immediate support lines up at $47.03 (low Aug.21) seconded by $46.64 (55-day sma) and then $46.46 (low Aug.17).