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WTI steadies below $ 42, API report eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - After witnessing a volatile session on Monday, the US benchmark, WTI oil trades almost range-bound to lower as markets remain cautious ahead of the weekly stockpiles report from the API due later today.

    WTI faces stiff hurdle near $ 42.20

    Currently, WTI trades modestly flat at 41.72, hovering in narrow range below 42 barrier. Oil witnesses calm trading this session, consolidating heavy gains seen on Monday after French bombings on Syria in response to the weekends multiple terror attacks on Paris, fuelled concerns over supply disruption.

    Oil prices clinch to yesterday’s gains and now look forward to the upcoming crude reserves report from API for further cues on the supply scenario. While the upside seems capped on the back of strengthening US dollar ahead of the crucial US inflation report due later today. The USD index rises 0.21% to 99.68 levels, sitting near 7-month highs.

    WTI Oil Technical Levels

    WTI oil has an immediate resistance which stands at 42 (round number) above which gains could be extended to 42.25 (Nov 16 High). While to the downside, the immediate support is at 40.22 (Nov 13 Low), below which the prices could drop to 39.86 (Aug 21 Low).
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