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WTI off lows, still below $32.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices are reverting yesterday’s gains, currently hovering over the $31.50 area per barrel.

    WTI weekly upside capped at $33.50

    Choppy week for the barrel of West Texas Intermediate so far, coming down from Tuesday’s peaks in the mid-$33.00s. Concerns over the ongoing supply glut keep weighing on sentiment following the recent build up in stockpiles, dragging prices to the area of $31.30.

    Further events saw the Russian Energy Minister A.Novak hinting at the possibility of a meeting between OPEC and non-OPEC countries in March, although it needs confirmation.

    WTI levels to consider

    At the moment the barrel of WTI is losing 1.34% at $31.71 and a break below $30.22 (20-day sma) would open the door to $28.70 (low Feb.16) and then $26.05 (low Feb.11). On the other hand, the next up barrier aligns at $34.82 (high Jan.28) ahead of $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 37.08 (100-day sma).
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