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WTI retreats further, breaches $29.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices are extending the sharp correction lower, currently trading below the $29.00 mark peer barrel, or 3-day lows.

    WTI weaker following Doha

    The barrel of West Texas Intermediate has eroded significant gains after today’s meeting between oil ministers from Venezuela, Qatar, Saudi Arabia and Russia failed to yield an agreement on the long waited output cut, in order to alleviate downside pressure on prices.

    Prices for the black gold have quickly abandoned the area beyond the $31.00 mark posted before the gathering in Doha, retreating towards the $28.80 region where they seem to have found some support.

    WTI levels to consider

    At the moment the barrel of WTI is losing 1.27% at $29.04 with the next support at $26.05 (low Feb.11) ahead of $24.82 (monthly low Nov.2002) and finally $23.70 (monthly low Apr.2000). On the upside, a breakout of $32.71 (55-day sma) would open the door to $34.82 (high Jan.28) and then $37.08 (100-day sma).
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