WTI extends the drop below $43.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Prices for crude oil remain on the back footing during the first half of the week, with the West Texas Intermediate navigating around the 43.00 mark per barrel so far.

    WTI weaker on SPR rumours

    Crude oil prices are coming under fresh selling pressure after rumours that the US government could be planning to sell millions of barrels from its SPR (Strategic Petroleum Reserve) have been hovering over the markets.

    Fanning the downbeat mood, market participants are expecting another increase in crude oil inventories from the EIA weekly report to be published tomorrow.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is losing 2.30% at $42.97 facing 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 upside, a break above $44.32 (50% Fibo of $37.75-$50.92) would aim for $45.04 (55-day sma) and then $45.88 (61.8% Fibo of $37.75-$50.92).
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