West Texas Intermediate crude oil is under pressure, down 1.9%, or $0.91, at $47.83 per barrel after failing to hold its 200-day moving avearage. The energy component climbed as high as $49.28 early Tuesday, but surrendered those gains and slipped back below key support provided by the 200-day moving average near $49.00.
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Oil tumbles after failing to hold a key level
WTI is down 11% so far in 2017.
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Heavy selling took hold on Tuesday afternoon, pushing oil down to its lowest level since March 27. Traders are watching the $47.34 mark closely, as a close below there would be the lowest since the end of November.
On Wednesday, data released by the Energy Information Administration is expected to show US oil inventories fell by 3.5 million barrels, according to a Bloomberg survey. Gasoline stockpiles are expected to have increased by 1 million barrels.
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