WTI firmer, approaches $41.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The barrel of West Texas Intermediate is prolonging its weekly advance today, now flirting with daily highs in the vicinity of the $41.00 mark.

    WTI attention to upcoming Doha meeting

    Prices for the barrel of WTI has been gathering further traction following traders’ hopes of an agreement between OPEC and non-OPEC countries at next Sunday’s meeting in Doha in order to freeze oil production around current levels.

    The recent softer tone around the dollar has been also collaborating with the rebound in crude prices, all ahead of the API’s report on crude stockpiles due later in the NA session.

    WTI levels to consider

    At the moment the barrel of WTI is gaining 0.74% at $40.66 and a break above $41.90 (2016 high Mar.22) would expose $43.46 (high Nov.24 2015). On the other hand, the immediate support is located at $38.86 (20-day sma) ahead of $35.83 (61.8% Fibo of $26.05-$41.90) and then $35.05 (55-day sma).
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