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WTI down to test $38.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices are collapsing at the beginning of the week, finding some support around the $38.00 mark per barrel so far.

    WTI slumps on OPEC, USD

    The barrel of West Texas Intermediate is trading at shouting distance from YTD lows at $37.75 recorded in late August following the recent outcome from the OPEC meeting, where the oil cartel has informed that it will increase its quota to 31.5 mbpd, closing the door to any hope of cutting its output.

    In addition, the re-emergence of the bid tone around the dollar has been weighing on USD-denominated assets since Friday’s release of US Non-farm Payrolls (211K), supporting further the case for a Fed’s lift-off next week.

    WTI levels to watch

    At the moment the barrel of WTI is losing 4.18 % at $38.30 facing the next support at $37.75 (2015 low Aug.24). On the other hand, a breakout of $43.55 (38.2% Fibo of $50.90-$38.99) would expose $44.18 (55-day sma) and finally $44.77 (downtrend from $50.92).
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