WTI off highs, back near $43.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Crude oil prices are sharply higher during the first half of the week, currently hovering over the $43.00 handle per barrel.

    WTI firmer on geopolitical risks, USD

    The barrel of West Texas Intermediate has found extra support in today’s softer tone around the US dollar as market participants continue to cash up part of the recent strong advance.

    Collaborating with the upside, crude oil prices are deriving further strength from the re-emergence of geopolitical jitters after a Russian jet fighter was shot down by Turkish jets in early morning.

    WTI levels to watch

    At the moment the barrel of WTI is up 2.66 % at $42.88 and a surpass of $44.32 (50.0% Fibo of $37.75-$50.90) would expose $45.25 (100-day sma) and finally $46.12 (downtrend from $50.92). On the other hand, the initial support lines up at $40.85 (23.6% Fibo of $37.75-$50.90) ahead of $38.99 (low Nov.23) and then $37.75 (2015 low Aug.24).
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