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WTI looks to regain $38.00, still in red

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After bottoming out in the mid-$37.00s in early trade, the barrel of West Texas Intermediate has managed to pick up some pace and retake the $38.00 mark.

    WTI lower on glut concerns, OPEC output

    Crude oil prices have accentuated this week’s softer tone in response to renewed jitters over the oil supply glut following recent build up in crude inventories. Adding to traders’ concerns, the OPEC has reported it has increased its oil production during the current month.

    In the meantime, the greenback is extending its recent decline, although crude oil prices seem to ignore it.

    WTI levels to consider

    At the moment the barrel of WTI is down 0.97% at $37.98 facing the immediate support at $35.96 (low Mar.15) ahead of $35.29 (100-day sma) and then $33.71 (55-day sma). On the other hand, a break above $40.12 (high Mar.28) would aim for $40.95 (200-day sma) and finally 41.90 (2016 high Mar.22).
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