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WTI off lows, around $40.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices are retreating more than 2% at the end of the week, currently hovering over the $40.00 handle per barrel.

    WTI lower on OPEC

    Prices for the black gold have accelerated its downside today after the OPEC announced it will increase the output ceiling to 31.5 mbpd from 30.0 mbpd (without Indonesia) at today’s meeting in Vienna.

    In addition, and collaborating with the downside, the greenback has been trading on a firmer footing after yesterday’s abrupt pullback in the wake of the ECB announcements.

    WTI levels to watch

    At the moment the barrel of WTI is losing 2.29% at $40.14 facing the next support at $38.99 (low Nov.20) ahead of $37.75 (2015 low Aug.24). On the other hand, a breakout of $43.55 (38.2% Fibo of $50.90-$38.99) would expose $44.45 (55-day sma) and finally $44.84 (downtrend from $50.92).
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