WTI off highs, returns to $40.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The barrel of the West Texas Intermediate keeps its daily gains today, albeit it has retraced the earlier spike to levels above the $40.00 mark.

    WTI looks to regain the $40.00 handle

    Crude oil prices have bounced off last week’s lows in the $35.00 neighbourhood, although the upside seems to have run out of steam in the area of the psychological $40.00 limestone for the time being.

    Prices for the black gold remains capped by the key 200-day sma around $40.30 today, against the backdrop of a persistent selling pressure around the dollar and ahead of the outcome of the Fed’s closed meeting, expected at some point in the European evening.

    Ahead in the week, both API and EIA reports on inventories are due, along with Chinese GDP figures, Baker Hughes’ oil rig count and the Doha meeting on April 17.

    WTI levels to consider

    At the moment the barrel of WTI is gaining 0.63% at $39.93 and a break above $40.31 (200-day sma) would aim for $41.90 (2016 high Mar.22). On the other hand, the immediate support is located at $38.63 (20-day sma) ahead of $35.24 (low Apr.5) and then $34.72 (55-day sma).
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