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WTI climbs to $ 42.50 on Saudi’s comments, API eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - After witnessing a volatile trading session on Monday, the US oil extends gains in Europe as traders continue to digest comments from Saudi Arabia heading into the US API report due later today.

    WTI swings back above $ 42

    Currently, WTI trades 1.72% higher at 42.45, eyes set on 43 mark. Oil prices jump higher this session as traders focus on any news on oil production cuts from OPEC officials ahead of their Dec 4 meeting. Moreover, news of an unidentified plane that was shot down in Syria also boosted oil prices further, as markets believe that the plane crash news may refuel geo-political worries surrounding the Middle-East region.

    The black gold received fresh impetus and rebounded higher on Monday on the back of comments from Saudi Arabia to co-operate with other oil producers to bring price-stability in the markets.

    Later today, oil traders await the weekly API crude stockpiles report for fresh insight on the crude reserves situation while the US GDP numbers due later today will also have some bearing on the price-action.

    WTI Oil Technical Levels

    WTI oil has an immediate resistance which stands at 43.33 (Nov 12 high) above which gains could be extended to 44 (round number). While to the downside, the immediate support is at 41.54 (Nov 12 Low), below which the prices could drop to 40.41 (Nov 23 Low).
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