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WTI depressed, looks to regain $37.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices are fading part of the recent strong gains, gyrating around the $37.00 mark after briefly testing lows near $36.70 per barrel.

    WTI down from $39.00

    The barrel of West Texas Intermediate is trading on a softer note at the beginning of the week after Iranian oil officials have ruled out any coordinated output freeze in the near term, pouring cold water over market expectations of a more sustainable recovery in prices.

    In addition, the positive performance of the greenback is impacting on the USD-denominated assets, exacerbating the downside.

    Ahead in the week, the API’s weekly report on crude stockpiles is due tomorrow, followed by Wednesday’s FOMC meeting and the report on inventories by the EIA during the past week.

    WTI levels to consider

    At the moment the barrel of WTI is down 4.18% at $36.89 facing the next support at $36.00 (100-day sma) followed by $34.50 (20-day sma) and then $34.06 (76.4% Fibo of $26.05-$39.02). On the other hand, a breakout of $39.02 (2016 high Mar.11) would open the door to $40.00 (psychological handle) and finally $43.46 (high Nov.24 2015).
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