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WTI oil extends losses, nears $30/barrel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The US oil prices extended losses to a new daily low of USD 30.17/barrel as Iran’s plans to increase exports at faster-than-expected rate squashed hopes of a joint production cut.

    Oil down more than 4%

    At USD 30.120/barrel, WTI futures are down 4.3%. As per Shana news, Iran is targeting 2.3 million barrels of crude oil exports per day. This should put to rest any possibility of a joint OPEC and non-OPEC production cut.

    Consequently, the traders are responding by sending oil contracts at both the sides of the Atlantic lower. The API inventory data in the US may make matters worse if it shows a rise in the storage levels.

    WTI oil Technical Levels

    The immediate resistance is seen at 30.76 (4-hr 100-MA), above which the gains could be extended to 31.58 (hourly 50-MA). On the other hand, a break below 30.00 levels could open doors for a slide to 29.26 (Jan 26 low).
    For more information, read our latest forex news.
     

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