WTI bounces off lows, near $41.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - After testing the boundaries of $41.20 per barrel, crude oil prices have recovered some ground and are now testing the $41.60 region.

    WTI lower on supply concerns

    Crude oil prices are coming down from overnight tops near $42.20 following the sell-off in the dollar in response to the dovish (not-hawkish) tone from the FOMC minutes.

    The barrel of West Texas Intermediate has managed to rebound from the brief test of sub-$40.00 levels on Wednesday in the wake of the EIA report on inventories. However, the omnipresent concerns over the ongoing supply glut continues to be the main drag for crude prices, deeming any bullish attempt as shallow in consequence.

    WTI levels to watch

    At the moment the barrel of WTI is down 0.48% at $41.75 with the next support at $39.91 (low Nov.18) followed by $37.75 (2015 low Aug.24). On the other hand, a surpass of $42.77 (38.2% Fibo of $37.75-%50.90) would expose $45.22 (55-day sma) and finally $46.48 (downtrend from $50.92).
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