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WTI drops further towards $45.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices are extending its weekly decline on Wednesday, taking the West Texas Intermediate to the area of $45.00 per barrel so far.

    WTI weaker on EIA

    Prices for the black gold plummeted in the wake of the EIA report, showing crude oil inventories jumping by more than 8 million barrels during last week.

    WTI has been trading with losses since Monday, fading further the early October spike to the $51.00 mark. The re-emergence of the buying interest around the dollar plus the lingering concerns over the supply glut are also collaborating with the downbeat sentiment.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is down 1.94% at $45.39 facing the next support at $43.61 (23.6% Fibo of $62.58-$37.75) followed by $43.21 (low Sep.2) and then $37.75 (2015 low Aug.24). On the upside, a break above $47.17 (38.2% Fibo of $62.58-$37.75) would target $48.57 (100-day sma) and then $49.45 (downtrend from $62.58).
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