WTI challenges highs near $41.70 ahead of API

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Crude oil prices are alternating gains with losses on Tuesday, currently testing the upper end of today’s tight range in the $41.60/70 band per barrel.

    WTI stronger ahead of API

    The barrel of West Texas Intermediate is extending its rally today despite the generalized bid tone around the greenback, recovering ground lost following the knee jerk post-Brussels attacks early in Europe.

    In the meantime, both Iran and Libya have announced they will not attend the meeting in Doha on April 17th, with the likeliness of an output freeze by OPEC and non-OPEC countries on the top of the agenda.

    On the data front, the API’s weekly report on crude stockpiles is due later, followed by the EIA crude inventories tomorrow and the US oil rig count tracked by driller Baker Hughes on Friday.

    WTI levels to consider

    At the moment the barrel of WTI is up 0.29% at $41.64 facing the next hurdle at $43.46 (high Nov.24 2015) followed by $48.36 (high Nov.3 2015) and then $50.92 (monthly high Oct.9 2015). On the flip side, a breakdown of $37.19 (20-day sma) would aim for $35.96 (low Mar.15) and then $35.62 (100-day sma).
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