WTI upside stalls near $35.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Crude oil prices are extending the recent rally on Friday, taking the barrel of West Texas Intermediate to the boundaries of the $35.00 handle.

    WTI paid little attention to US Payrolls

    Prices for the black gold have practically ignored today’s auspicious results from the US labour market, where Non-farm Payrolls have come in at 242K during February, beating forecasts.

    Gains in WTI appear somewhat limited nonetheless following the recent build up in crude oil inventories and despite the lower output in the US during last week.

    Ahead in the session, US oil rig count tracked by driller Baker Hughes is coming next.

    WTI levels to consider

    At the moment the barrel of WTI is up 0.06% at $34.59 and a break above $35.48 (76.4% Fibo of $38.39-$26.05) would open the door to $36.49 (100-day sma) and finally 38.39 (2016 high Jan.4). On the flip side, the next support is located at $32.16 (55-day sma) ahead of 31.23 (20-day sma) and then $28.70 (low Feb.16).
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