WTI turns positive above $30.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Crude oil prices are alternating gains with losses on Tuesday, managing to bounce off session lows around $29.40 per barrel in early trade.

    WTI hammered by risk-off sentiment, API eyed

    Prices for the black gold are wobbling in the $30.00 area so far, coming down from recent peaks in the mid-$34.00s and against the backdrop of increasing risk aversion triggered by global growth concerns.

    Absent relevant releases in the US docket, the current risk appetite trends remain the exclusive driver for the WTI ahead of the API’s weekly report on crude oil stockpiles.

    WTI levels to consider

    At the moment the barrel of WTI is up 0.99% at $29.98 and a surpass of $34.82 (high Jan.28) would expose $38.14 (downtrend from $50.92) and finally $39.21 (100-day sma). On the flip side, the next support lies at $29.25 (low Jan.26) followed by $27.87 (low Jan.21) and then $26.19 (low Jan.20).
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