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WTI on a firmer footing, near $42.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices continue their recovery today, with the barrel of West Texas Intermediate up more than 1% near the key $42.00 mark.

    WTI stronger ahead of EIA report

    Crude oil prices have managed to leave behind the weakness following the fiasco at the meeting in Doha on Sunday, reverting the initial gap lower and retaking the upper-$41.00 amidst a persistent risk-on sentiment.

    Furthermore, the renewed offered tone around the greenback keeps bolstering the upbeat mood in the USD-denominated assets, collaborating with the upside in WTI.

    Ahead in the week, the EIA weekly report on crude oil inventories is due tomorrow, expected to have increased by more than 2 million barrels during last week.

    WTI levels to consider

    At the moment the barrel of WTI is gaining 1.31% at 41.74 and a breakout of $42.41 (2016 high Apr.13) would expose $43.46 (high Nov.24 2015) and finally $48.36 (high Nov.3 2015). On the other hand, the next support lines up at $39.02 (low post-Doha Apr.18) ahead of $38.56 (76.4% Fibo of $26.05-$42.41) and then $35.24 (low Apr.5).
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