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WTI snaps a 2-day slide, ticks higher in Asia

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - WTI oil prices rebounded higher in Asia, stalling two back-to back sessions of sharp declines, as markets stay cautious ahead of the crucial US jobs and rig count data.

    WTI faces stiff hurdle near 48.30 on the upside

    Currently, WTI trades 0.60% higher at 45.48, having booked nearly 6% loss over the last two trading sessions. Oil prices edged higher in Asia as markets resorted to profit-taking after the recent drop, heading into the main risk event of this week – the US NFP report.

    The NFP data may throw fresh light on the Fed interest rates outlook and hence spur huge volatility around the US dollar, eventually impacting the black gold.

    Moreover, traders await oilfield Services Company Baker Hughes weekly data on the US rig count for fresh cues. Last week, the number of active rigs fell by 16 to 578.

    On Thursday, oil prices slumped another 2% as investors continued to weigh the rise in crude reserves. While reports that four Houston-based oil producers posted heavy losses for the third quarter also dampened market sentiment.

    WTI Oil Technical Levels

    WTI oil has an immediate resistance which stands at 47.03 (Oct 10 High) levels above which gains could be extended to 47.49 (Oct 19 High). While to the downside, the immediate support is at 44.86 (Oct 21 Low), below which the prices could drop to 43.64 (Oct 26 Low).
    For more information, read our latest forex news.
     

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