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WTI losing altitude, tests $33.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices have now resumed their weekly decline, currently challenging the $33.00 mark per barrel.

    WTI weaker post-Payrolls

    The barrel of West Texas Intermediate has reverted its initial positive tone and is now gearing up for another test of the key support at $33.00 the figure, after recovering the $34.00 handle and beyond early in the European morning.

    The bearish trend in crude oil prices has intensified in last sessions, closing the week in negative ground and including fresh lows in levels last seen in December 2003 near the $32.00 mark.

    Next on tap will be the US oil rig count tracked by driller Baker Hughes.

    WTI levels to watch

    At the moment the barrel of WTI is losing 0.63% at $33.06 and a breakdown of $30.00 (psychological level) would aim for $29.66 (monthly low Dec.2003) and finally $28.47 (monthly low Nov.2003). On the other hand, the next resistance aligns at $38.39 (high Jan.4) followed by $40.19 (55-day sma) and then $41.51 (downtrend from $50.92).
    For more information, read our latest forex news.
     

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