WTI sell off continues to $49.60

Crude oil prices are retreating for the second consecutive session so far, prompting the West Texas Intermediate to test lows near $49.60 per barrel.

WTI lower on USD gains, profit taking

Prices for the black gold are trading around 2% lower in response to a re-emergence of the bullish sentiment around the dollar, while a profit taking mood is gathering traction following recent 2016 tops above the $51.00 mark.

Ahead in the day, US Consumer Sentiment is next on tap (94.0 exp. in June), followed by US oil rig count tracked by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.68% at $49.71 facing the next support at $49.22 (20-day sma) ahead of $47.75 (low Jun.1) and finally $46.73 (low May 19). On the other hand, a break above $50.21 (previous 2016 high May 26) would aim for $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).