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WTI buoyant near $30.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices area prolonging their upside momentum on Monday, extending the rebound to levels above the $30.00 m ark per barrel although deflating a tad afterwards.

    WTI upside limited?

    Prices for the back gold are edging higher today after a Russian official emphasized the need for more stability in the oil markets. However, crude oil prices did not find much follow through north of the $30.00 handle, as concerns over the supply glut keep lingering.

    Ahead in the week, usual weekly reports on crude oil inventories are expected by the API and the EIA, ahead of Friday’s report on US oil rig count by Baker Hughes.

    WTI levels to consider

    At the moment the barrel of WTI is up 1.19% at $29.79 facing the next resistance at $30.69 (20-day sma) followed by $32.82 (55-day sma) and then $34.82 (high Jan.28). On the other hand, a breach of $26.05 (low Feb.11) would expose $24.82 (monthly low Nov.2002) and finally $23.70 (monthly low Apr.2000).
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