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WTI off highs, returns to $31.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Crude oil prices are extending the weekly rally on Thursday, managing to hit the boundaries of the $32.00 handle per barrel, albeit deflating a tad later.

    WTI stronger ahead of EIA

    The barrel of West Texas Intermediate is trading on a firmer footing today following the API’s report on Wednesday, showing a decrease in stockpiles of more than 3 million barrels during last week.

    In addition, and more relevant, prices have been propped up since Iran has welcomed the output freeze planned by Russia and Saudi Arabia after yesterday’s meeting.

    While crude oil prices continue well supported, traders will be vigilant on the upcoming EIA report on inventories, which could add more fuel to the ongoing rally.

    WTI levels to consider

    At the moment the barrel of WTI is up 3.03% at $31.59 facing the next resistance at $32.92 (55-day sma) followed by $33.68 (61.8% Fibo of $38.39-$26.05) and then $34.82 (high Jan.28). On the other hand, a breach of $26.05 (low Feb.11) would expose $24.82 (monthly low Nov.2002) and finally $23.70 (monthly low Apr.2000).
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