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WTI retreats from 3-week highs, below $ 48

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - WTI oil prices took a breather from the previous relentless rise and consolidate below 48 levels ahead of the weekly EIA report and a batch of crucial US economic data.

    WTI fails to resist 48 barrier

    Currently, WTI trades flat at 47.88, moving away from fresh three-week highs reached at 48.36 on Tuesday. Oil prices eased-off multi-week highs today as markets resorted to profit-taking after the recent upsurge, heading into the much-awaited crude stockpiles report from EIA due for release later in the day.

    The sentiment around the black gold remains dampened as markets continue to digest the latest API report, which showed that a 2.8 million barrel rise in US crude inventories.

    The US oil jumped nearly 4% in the previous session on the back of increased speculation that US refineries increased crude demand for a third week in a row. While reports of strikes at Brazil's state-run oil producer Petrobras also boosted the upside in oil.

    Looking ahead, apart from the weekly EIA inventory report, the main focus will be on the ADP employment report, ISM non-manufacturing PMI and testimony by Yellen which may have major impact on the USD moves.

    WTI Oil Technical Levels

    WTI oil has an immediate resistance which stands at 48.36 (Nov 3 High) levels above which gains could be extended to 49.08 (Oct 6 High). While to the downside, the immediate support is at 47 (round number), below which the prices could drop to 45.48 (Oct 30 Low).
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