WTI deflates further below $32.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Crude oil prices are extending their rejection of highs near the $33.00 mark today, currently easing to the $31.70 area per barrel.

    WTI gains capped by $33.00

    Prices for the barrel of West Texas Intermediate are grinding lower today, although they remain on their way to close the week with gains after two consecutive pullbacks.

    Concerns over the ongoing supply glut seem to have re-emerged amongst traders today, all amidst recent talks about an output ‘freeze’ and rising inventories, according to EIA’s weekly report.

    Ahead in the day, US oil rig count tracked by driller Baker Hughes is due later, while the current solid performance of the US dollar appears poised to keep weighing on crude prices.

    WTI levels to consider

    At the moment the barrel of WTI is losing 3.37% at $31.82 facing the next support at $33.68 (61.8% Fibo of $38.39-$26.05) ahead of $34.82 (high Jan.28) and finally $37.93 (100-day sma). On the other hand, a breach of $28.70 (low Feb.16) would open the door to $26.05 (low Feb.11) and then $24.82 (monthly low Nov.2002).
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