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WTI bounces off $36.50, retakes $37.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Crude oil prices extend the downbeat momentum today, dragging the barrel of West Texas Intermediate to the mid-$36.00s.

    WTI lower on USD, OPEC

    Today’s bid tone around the greenback is adding to the already depressed sentiment surround crude oil prices, which have managed to rebound from fresh 7-year lows recorded in early trade.

    In the same direction, the OPEC has increased its output to fresh 3-year highs during November, collaborating with the decline.

    WTI levels to watch

    At the moment the barrel of WTI is down 0.59% % at $36.94 facing the next support at $36.51 (2015 low Dec.8) followed by $36.00 (monthly low Feb.2009) and then $32.40 (monthly low Dec.20008). On the other hand, a breakout of $40.01 (23.6% Fibo of $50.90-$36.64) would expose $44.02 (55-day sma) and finally $44.48 (downtrend from $50.92).
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