Oil flat-lined at $47.90 ahead of EIA’s inventory data

After seesawing between early losses to $47.32 and a subsequent up-tick above $48.00 handle, WTI crude oil now seems to have stabilized around Wednesday's closing level around $47.85.

On Wednesday, the black gold briefly dipped back below $46.00 level before staging a sharp recovery to the vicinity of $48.00 handle after API reported a decline of 6.7 million barrels in domestic crude supplies. 

Moreover, dovish FOMC meeting minutes dented demand for the greenback and boosted investor appetite for dollar-denominated commodities - like oil.

Traders now await for fresh impetus from the official report on weekly crude inventories from the US Energy Information Administration (EIA), later during NY trading session on Thursday. 

Technical levels to watch

On a sustained move above $48.00 handle, the commodity seems to extend its bullish momentum towards $48.60-65 resistance zone, which if conquered should set the stage for continuation of the upward trajectory, beyond $49.00 handle, towards its next major resistance near $49.50 region. Meanwhile on the downside, weakness below session through support near $47.25 level is likely to accelerate the fall immediately towards $46.80-75 support before heading back toward the very important support around $46.00 handle.