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WTI extends the decline to $35.40, API eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The barrel of West Texas Intermediate is prolonging its downbeat momentum today, testing fresh multi-day lows in the $35.40 area.

    WTI lower on glut concerns, USD buying

    The ongoing recovery of the greenback has been weighing on crude oil prices since early trade today, while concerns over the supply glut and the uncertainty surrounding a potential output freeze have been also collaborating with the downside.

    Ahead in the session, the API’s report on crude stockpiles is due, followed by tomorrow’s more relevant EIA report on crude inventories.

    WTI levels to consider

    At the moment the barrel of WTI is down 0.42% at $35.56 facing the immediate support at $34.36 (55-day sma) ahead of $32.10 (38.2% Fibo of $26.05-$41.90) and then $29.80 (23.6% Fibo of $26.05-$41.90). On the other hand, a break above $38.34 (20-day sma) would aim for $40.12 (high Mar.28) and finally $40.52 (200-day sma).
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