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WTI off highs, still above $40.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices are extending the rally today, posting fresh multi-month peaks above the $41.00 mark, albeit deflating a tad afterwards.

    WTI in fresh 2016 highs

    The barrel of West Texas Intermediate has managed to advance beyond the $41.00 handle earlier in the session, bolstered by increasing expectations of an output freeze and higher demand for fuel in the US due to seasonal factors.

    Crude oil prices are advancing for the fifth session in a row today, including a fresh YTD highs at $41.20, ahead of the US oil rig count measured by Baker Hughes and due later.

    WTI levels to consider

    At the moment the barrel of WTI is up 1.04% at $40.62 facing the next hurdle at $41.20 (2016 high Mar.18) ahead of 41.89 (200-day sma) and then $43.46 (high Nov.24 2015). On the flip side, a breakdown of $35.82 (20-day sma) would aim for $35.96 (low Mar.15) and then $32.44 (55-day sma).
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