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WTI deflates to lows around $31.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices are now quickly losing momentum, coming down to test daily lows around the $31.00 mark per barrel.

    WTI weaker post-Payrolls

    The barrel of West Texas Intermediate has now returned to the $31.00 neighbourhood following a better tone in the greenback in response to auspicious results from US Non-farm Payrolls (151K).

    While market participants keep assessing today’s figures, crude oil prices are closing the week in the red territory after two consecutive weeks with gains. Next of relevance for crude oil prices will be the US oil rig count by driller Baker Hughes, due later in the European evening.

    WTI levels to consider

    At the moment the barrel of WTI is down 0.66% at $31.51 facing the next support at $29.25 (low Jan.26) followed by $27.87 (low Jan.21) and then $26.19 (low Jan.20). On the other hand, a surpass of $34.82 (high Jan.28) would expose $35.19 (55-day sma) and finally $38.62 (downtrend from $50.92).
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