WTI climbs to highs near $28.80, focus on EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Crude oil prices are recovering the smile on Thursday, advancing to daily highs in the $28.80 area per barrel ahead of the EIA report.

    WTI bounces off multi-year lows

    The barrel of West Texas Intermediate has left behind the area of 13-year lows in the mid-$27.00s recorded yesterday, advancing to session highs in the upper-$28.00s in spite of the increasing buying interest surrounding the greenback.

    Traders seem to have put aside the current concerns over the supply glut, pushing prices higher ahead of the EIA’s weekly report on inventories. Market consensus expects inventories to have increased by nearly 3 million barrels in the week ended on January 15.

    WTI levels to watch

    At the moment the barrel of WTI is up 0.62% at $28.54 with the next hurdle at $32.89 (20-day sma) ahead of $38.39 (high Jan.4) and then $39.90 (downtrend from $50.92). On the downside, a drop beyond $27.57 (low Jan.20) would open the door to $26.65 (monthly low Sep.2003) and finally $25.42 (monthly low May 2003).
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