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WTI back above $40.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Crude oil prices have recovered the smile on Thursday, currently advancing beyond the $40.00 mark per barrel.

    WTI boosted by USD weakness, Saudi Arabia

    Prices for the black gold have revived today following comments by Saudi Arabia officials suggesting a cut in oil production in light of the imminent OPEC meeting (Friday).

    In addition, the European Central Bank failed to meet expectations of a dovish tone at today’s meeting, hammering the greenback in consequence and collaborating with today’s relief in the USD-denominated assets.

    WTI levels to watch

    At the moment the barrel of WTI is up 1.10% at $40.44 and a surpass of $41.80 (23.6% Fibo of $50.90-$38.99) would expose $44.52 (55-day sma) and finally $45.14 (downtrend from $50.92). On the other hand, the initial support lines up at $38.99 (low Nov.23) ahead of $37.75 (2015 low Aug.24).
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