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WTI trims losses post-EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices have retaken the $31.00 mark per barrel on Wednesday following the EIA’s weekly report.

    WTI gains limited around $31.50

    Prices for the barrel of West Texas Intermediate are retreating for the second session in a row, although they have managed to bounce off session troughs around $30.60.

    Crude oil prices are now extending the rebound after today’s weekly report by the EIA showed gasoline inventories have decreased by more than 2.2 million barrels, beating forecasts. On the negative side, crude inventories have increased by more than 3.5 million barrels during last week, higher than initially expected.

    WTI levels to consider

    At the moment the barrel of WTI is losing 1.41% at $31.34 and a break below $30.15 (20-day sma) would open the door to $28.70 (low Feb.16) and then $26.05 (low Feb.11). On the other hand, the next up barrier aligns at $34.82 (high Jan.28) ahead of $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 37.25 (100-day sma).
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