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WTI turns positive on EIA, eyes $38.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices have reverted their initial negative tone on Wednesday, now advancing to the boundaries of the $38.00 mark per barrel.

    WTI up post-EIA report, eyes on FOMC

    The barrel of the West Texas Intermediate has quickly reversed direction after the EIA reported crude oil inventories have increased less than estimated during last week; gasoline inventories, instead, have dropped less than initially forecasted.

    Crude oil prices have found quite decent support in the $36.60 area, managing to regain some ground after Gulf OPEC official argued that OPEC and non-OPEC members could agree on an output freeze without Iran.

    WTI levels to consider

    At the moment the barrel of WTI is advancing 3.58% at $37.64 facing the next up barrier at $39.02 (2016 high Mar.11) ahead of $40.00 (psychological handle) and finally $43.46 (high Nov.24 2015). On the other hand, a breakdown of $35.91 (100-day sma) would expose $34.80 (20-day sma) and then $34.06 (76.4% Fibo of $26.05-$39.02).
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