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WTI challenging lows near $36.50 ahead of EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The demand for crude oil prices remain subdued today, with the West Texas Intermediate hovering over the $36.60 area per barrel.

    WTI lower on supply glut, focus on EIA, FOMC

    Crude oil prices are snapping a 2-session positive streak after bouncing off fresh multi-year lows around $34.50 at the beginning of the week. The ongoing crude oil supply glut remains everything but unabated, taking a toll on the global sentiment.

    Key day for the greenback and the USD-denominated assets, as the FOMC meeting is due later. Recall that consensus expects the Committee to announce a rate hike after nearly a decade of zero interest rates.

    Next on tap will be the weekly report on crude oil inventories by the EIA, expected to have decreased by nearly 1.5 million barrels during last week.

    WTI levels to watch

    At the moment the barrel of WTI is down 1.61 % % at $36.75 facing the next support at $34.53 (2015 low Dec.14) followed by $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 $43.21 (55-day sma) and finally $43.87 (downtrend from $50.92).
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