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WTI trims losses, remains above $40.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The barrel of West Texas Intermediate remains in the negative territory today, albeit it has managed to regain the key $40.00 mark and beyond.

    WTI lower on Doha, looks to API, EIA

    Prices for the barrel of sweet American light crude oil have opened sharply lower following yesterday’s unsuccessful attempt to clinch a deal between major oil-producers in order to cap the production.

    Talks went on in the aftermath of the meeting and well into today’s session, with all fingers pointing to Iran as the guilty party following its reluctance to join the coordinated measure.

    In the meantime, prices for the WTI seem to have met decent support around the $39.00 mark earlier in the session, with upside attempts dissipating in the $40.80 area for the time being.

    Ahead in the week, rumours on the output freeze and supply glut are poised to drive sentiment, while the usual reports by API (Tuesday) and EIA (Thursday) are next in the data space.

    WTI levels to consider

    At the moment the barrel of WTI is losing 2.78% at $40.55 and a breach of $39.02 (low post-Doha Apr.18) would open the door to $38.56 (76.4% Fibo of $26.05-$42.41) and then $35.24 (low Apr.5). On the flip side, the immediate hurdle lines up at $42.41 (2016 high Apr.13) would expose $43.46 (high Nov.24 2015) and finally $48.36 (high Nov.3 2015).
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