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WTI drops to lows around $45.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The barrel of the West Texas Intermediate lost its initial traction and is now dropping to session lows in sub-$46.00 levels.

    WTI down on stronger USD

    Crude oil prices have reverted their positive start, sparking a leg lower after reaching session highs near $46.60.

    The persistent strong buying interest around the US dollar continues to hurt the USD-denominated assets, prompting the WTI to retreat for the second consecutive session and extend the pullback from the recent recovery to the mid-$48.00s (Tuesday).

    In addition, crude oil inventories continues to build up amidst unabated concerns over the ongoing supply glut and prospects of stagnant demand in the next years.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is losing 1.53% at $45.61 with the next support at $41.78 (low Aug.28) ahead of $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24). On the other hand, a surpass of $48.10 (downtrend from $50.92) would aim for $48.36 (high Nov.3) and then $50.73 (200-day sma).
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