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WTI below $42.00, losses momentum ahead of EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The barrel of West Texas Intermediate has retreated from recent highs above the $42.00 mark, returning to the $41.70 area.

    WTI lower on USD buying, Saudi Arabia

    The persistent bid tone around the US dollar continues to undermine the recent strong recovery in crude oil prices, pushing the barrel of WTI from fresh 2016 highs in the $42.20 area to the current $41.70 region.

    Furthermore, crude oil prices have deflated further after Saudi Arabia’s oil minister argued that the country will not join the (potential) coordinated output cut, all ahead of the key meeting in Doha on Sunday.

    WTI levels to consider

    At the moment the barrel of WTI is retreating 1.54% at $41.51 and a break below $40.27 (200-day sma) would aim for $38.98 (20-day sma) and finally $38.42 (76.4% Fibo of $26.05-$42.25). On the other hand, the next up barrier aligns at $42.25 (2016 high Apr.12) followed by $43.46 (high Nov.24 2015) and then $48.36 (high Nov.3 2015).
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