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WTI eyes $40.00 on EIA report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The barrel of West Texas Intermediate is advancing further on Wednesday, currently up more than 3% and posting daily highs near $39.80.

    WTI up post-EIA report

    Prices for the barrel of American light sweet crude have ticked higher after inventories have increased by 2.3 million barrels during last week, less than 3.3 million initially estimated, reported the EIA.

    Further data saw inventories at Cushing decreasing more than forecasted by 0.272 million barrels, while gasoline inventories have dropped by 2.5 million barrels, more than expected.

    The persistent weakness around the greenback has also collaborated with the recovery in crude oil prices, which remain on track to test the psychological barrier at the $40.00 mark.

    WTI levels to consider

    At the moment the barrel of WTI is up 3.50% at $39.61 facing the immediate hurdle at $40.12 (high Mar.28) ahead of $41.07 (200-day sma) and finally 41.90 (2016 high Mar.22). On the other hand, a breakdown of $38.46 (20-day sma) would aim for $35.87 (61.8% Fibo of $26.05-$41.90) and then $35.35 (100-day sma).

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