23 Mar 2015
WTI off highs, back to $46.50
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is trading on a firmer footing at the beginning of the week, currently hovering over the mid-$46.00s.
WTI boosted by dollar
The offered tone around the US dollar is almost exclusively propping up today’s upside, which reached session highs in the $47.20 area. However, attempts to push prices higher in WTI appear to be capped by today’s appreciations by Saudi officials, stating that Saudi Arabia will maintain its production levels.
It is worth noting that last week’s EIA report showed an increment of 9.6 million barrels and the US oil rigs in use decreased by 41 to 825, according to driller Baker Hughes.
WTI key levels
The barrel of WTI is now advancing 0.24% at $46.68 with the next hurdle at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11). On the other hand, a breach of $42.03 (low Mar.18) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009).
WTI boosted by dollar
The offered tone around the US dollar is almost exclusively propping up today’s upside, which reached session highs in the $47.20 area. However, attempts to push prices higher in WTI appear to be capped by today’s appreciations by Saudi officials, stating that Saudi Arabia will maintain its production levels.
It is worth noting that last week’s EIA report showed an increment of 9.6 million barrels and the US oil rigs in use decreased by 41 to 825, according to driller Baker Hughes.
WTI key levels
The barrel of WTI is now advancing 0.24% at $46.68 with the next hurdle at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11). On the other hand, a breach of $42.03 (low Mar.18) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009).