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WTI firmer, eyes on $50.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The barrel of West Texas Intermediate remains on the right footing on Wednesday, currently advancing beyond the $49.00 mark per barrel.

    WTI stronger ahead of EIA

    Crude oil prices keep the upbeat tone well and sound during the first part of the week propped up by rumours regarding a lower US oil production, which lifted the barrel of WTI near the critical $50.00 mark.

    Later in the session, the weekly report on inventories tracked by the EIA will take centre stage. Prior surveys expect crude stockpiles to have increased by 1.750 million barrels in the week ended on October 2nd.

    WTI levels to consider

    At the moment the barrel of WTI is advancing 1.85% at $49.43 with the next resistance at $50.00 (psychological mark) ahead of $53.89 (high Jul.13) and then $56.79 (high Jul.6). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).
    For more information, read our latest forex news.
     

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