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WTI weaker, testing the $37.00 mark

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The barrel of West Texas Intermediate has given away part of the recent upside, currently hovering over the $37.00 handle after bottoming out near $36.70.

    WTI in 2-week lows

    Renewed concerns over the ongoing supply glut has been weighing on sentiment as of late, prompting crude oil prices to abandon the area of recent 2016 peaks in the boundaries of $42.00.

    In addition, today’s better tone in the greenback is collaborating with the decline after US labour market data and ISM Manufacturing have both surpassed expectations.

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

    WTI levels to consider

    At the moment the barrel of WTI is down 03.55% at $36.98 facing the immediate support at $35.96 (low Mar.15) ahead of $35.26 (100-day sma) and then $33.84 (55-day sma). On the other hand, a break above $38.60 (20-day sma) would aim for $40.12 (high Mar.28) and finally $40.84 (200-day sma).
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