WTI turns negative near $33.70, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Crude oil prices are now giving away their daily gains, returning to the area of $33.70 per barrel, or session lows.

    WTI lower ahead of API report

    Prices for the barrel of West Texas Intermediate could not sustain levels above the $34.00 handle today, losing some traction in spite of Russian companies have agreed not to in crease the oil production during the current year.

    Next of relevance in the oil market will be the API’s weekly report on crude stockpiles, expected later in the NA session.

    WTI levels to consider

    At the moment the barrel of WTI is losing 0.15% at $33.70 and a break below $32.06 (55-day sma) would open the door to $30.69 (20-day sma) and then $28.70 (low Feb.16). 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 36.56 (100-day sma).
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