WTI losing further altitude below $34.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Crude oil prices are losing part of their shine today, with the barrel of West Texas Intermediate retreating to the $33.70 area post-EIA report.

    WTI slumps on EIA report

    The selling pressure around the barrel of WTI has gathered further steam after crude oil inventories have increased well above expectations by nearly 10.40 million barrels during last week, while gasoline inventories have run on the opposite direction, decreasing by almost 1.5 million barrels.

    The persistent demand for the US dollar has also been weighing on crude oil as of late, which seems to have found a strong resistance around the $35.00 mark per barrel.

    WTI levels to consider

    At the moment the barrel of WTI is losing 2.12% at $33.67 and a break below $32.14 (55-day sma) would open the door to $30.70 (20-day sma) and then $28.70 (low Feb.16). On the other hand, the next up barrier aligns at $34.82 (high Jan.28) ahead of $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 36.71 (100-day sma).
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