11 Nov 2015
WTI off highs, back below $44.00
FXStreet (Edinburgh) - Crude oil prices have left session highs in the area of $44.10 on Wednesday, returning to sub-$44.00 levels per barrel.
WTI testing lows near $43.40
Crude oil prices have reverted the initial spike to session tops beyond the $44.00 handle, quickly correcting lower to visit troughs near $43.40. Prices for the barrel of West Texas Intermediate are retreating for the second consecutive week so far after being rejected in the $48.00 neighbourhood last week, as market concerns over the supply glut remains unabated.
With US markets closed due to the Veterans Day holiday, the next risk event for WTI will be the EIA’s weekly report on crude oil inventories due tomorrow ahead of the oil rig count tracked by driller Baker Hughes on Friday.
WTI levels to watch
At the moment the barrel of West Texas Intermediate is losing 1.90% at $43.38 with the next support at $42.58 (low Oct.27) followed $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24). On the other hand, a surpass of $45.78 (55-day sma) would aim for $47.35 (downtrend from $50.92) and then $48.36 (high Nov.3).
WTI testing lows near $43.40
Crude oil prices have reverted the initial spike to session tops beyond the $44.00 handle, quickly correcting lower to visit troughs near $43.40. Prices for the barrel of West Texas Intermediate are retreating for the second consecutive week so far after being rejected in the $48.00 neighbourhood last week, as market concerns over the supply glut remains unabated.
With US markets closed due to the Veterans Day holiday, the next risk event for WTI will be the EIA’s weekly report on crude oil inventories due tomorrow ahead of the oil rig count tracked by driller Baker Hughes on Friday.
WTI levels to watch
At the moment the barrel of West Texas Intermediate is losing 1.90% at $43.38 with the next support at $42.58 (low Oct.27) followed $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24). On the other hand, a surpass of $45.78 (55-day sma) would aim for $47.35 (downtrend from $50.92) and then $48.36 (high Nov.3).