25 Apr 2016
WTI weaker, still above $43.00
Crude oil prices are trending lower at the beginning of the week despite the offered tone surrounding the greenback.
WTI lower on profit taking, API eyed
The barrel of West Texas Intermediate is down more than 1% just above the $43.00 mark today, while market participants continue to cash up recent gains after three consecutive weeks of advances, including 2016 highs near $44.50.
Ahead in the week, tomorrow’s API report on crude stockpiles plus EIA’s crude oil inventories will set the tone in the commodity space, ahead of the FOMC meeting late on Wednesday.
WTI levels to consider
At the moment the barrel of WTI is losing 1.19% at 43.19 and a breakdown of $40.16 (76.4% Fibo of $26.05-$44.49) would target $39.02 (low post-Doha Apr.18) en route to $36.72 (55-day sma). On the other hand, the next hurdle lines up at $44.49 (2016 high Apr.21) followed by $43.46 (high Nov.24 2015) and finally $48.36 (high Nov.3 2015).
WTI lower on profit taking, API eyed
The barrel of West Texas Intermediate is down more than 1% just above the $43.00 mark today, while market participants continue to cash up recent gains after three consecutive weeks of advances, including 2016 highs near $44.50.
Ahead in the week, tomorrow’s API report on crude stockpiles plus EIA’s crude oil inventories will set the tone in the commodity space, ahead of the FOMC meeting late on Wednesday.
WTI levels to consider
At the moment the barrel of WTI is losing 1.19% at 43.19 and a breakdown of $40.16 (76.4% Fibo of $26.05-$44.49) would target $39.02 (low post-Doha Apr.18) en route to $36.72 (55-day sma). On the other hand, the next hurdle lines up at $44.49 (2016 high Apr.21) followed by $43.46 (high Nov.24 2015) and finally $48.36 (high Nov.3 2015).