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WTI visits lows near $45.40 post-EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Crude oil prices are extending the downbeat mood on Thursday, with WTI hovering over the $45.70 area per barrel so far.

    WTI weaker on EIA, USD

    Prices for the barrel of West Texas Intermediate are retreating for the fifth consecutive session so far, extending the rejection from recent tops around the $51.00 mark recorded last week.

    Crude oil prices have accentuated its negative tone after crude inventories have increased by more than 7.5 million barrels per day during last week, according to the EIA’s report.

    In addition, the current recovery of the US dollar following better-than-expected CPI results during September keeps limiting any bullish attempt in crude oil.

    WTI levels to watch

    At the moment the barrel of West Texas Intermediate is losing 2.06 % at $45.68 with the immediate support at $44.69 (55-day sma) ahead of $43.61 (23.6% Fibo of $62.58-$37.75) and finally $43.21 (low Sep.2). On the upside, a surpass of $47.24 (38.2% Fibo of $62.58-$37.75) would target $49.19 (100-day sma) and then $50.92 (high Oct.9).
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