Oil takes back some losses

Crude oil recovered modestly on Thursday, helped by a weaker dollar, although the upside was limited by disappointing stockpiles data released earlier in the week. West Texas Intermediate crude oil for August settled around $45.50 a barrel.

WTI technical view

“The modest daily gain was not enough to change the negative bias seen on previous updates, as in the daily chart, the price is still developing below a bearish 20 SMA, while the Momentum indicator has been rejected from its mid-line, heading south within negative territory  as the RSI indicator consolidates around 42,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is below a horizontal 20 SMA, whilst the technical indicators have turned modestly higher within positive territory, lacking enough upward strength to confirm further gains for this Friday.”

Support levels: 45.20 44.40 43.70. Resistance levels: 45.80 46.60 47.30.