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WTI flirting with highs near $44.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The barrel of West Texas Intermediate is reverting yesterday’s decline, managing to advance to session highs in the mid-$44.00s.

    WTI stronger ahead of API, EIA

    Crude oil prices have managed to revert the initial negative tone on Tuesday, after a report by the Paris-based International Energy Agency argued that the current OPEC strategy could keep prices in low levels during the next years.

    In the meantime, crude prices remain vulnerable in light of the ongoing oil supply glut and the renewed strength of the greenback, as a potential Fed’s lift-off in December looms larger.

    Ahead in the session, the API report on stockpiles is due, followed by tomorrow’s EIA’s weekly report on inventories and Friday’s oiln rig count by driller Baker Hughes.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is up 0.89% at $44.25 and a surpass of $45.81 (55-day sma) would aim for $47.44 (downtrend from $50.92) and then $48.36 (high Nov.3). On the other hand, the next support aligns at $42.58 (low Oct.27) followed $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24).
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