2 May 2016
WTI trims losses, around $46.00
The barrel of West Texas Intermediate has retreated from earlier 2016 highs above the $46.00 mark, currently meandering in a narrow range near the $46.00 mark.
WTI lower on OPEC output
Crude oil prices are posting marginal losses after the OPEC announced its production rose to 32.64 million barrel per day during April, close to recent record levels.
WTI thus eroded its Friday’s spike to 2016 highs near $46.80, amidst another drop in US oil rig count, mounting selling pressure hitting the greenback and ahead of reports by API and EIA on Tuesday and Wednesday, respectively.
WTI levels to consider
At the moment the barrel of WTI is down 0.07% at 45.88 and a breakdown of $42.34 (20-day sma) would target $39.78 (200-day sma) en route to $39.02 (low post-Doha Apr.18). On the other hand, the next hurdle lines up at $46.78 (2016 high Apr.29) followed by $48.36 (high Nov.3 2015).
WTI lower on OPEC output
Crude oil prices are posting marginal losses after the OPEC announced its production rose to 32.64 million barrel per day during April, close to recent record levels.
WTI thus eroded its Friday’s spike to 2016 highs near $46.80, amidst another drop in US oil rig count, mounting selling pressure hitting the greenback and ahead of reports by API and EIA on Tuesday and Wednesday, respectively.
WTI levels to consider
At the moment the barrel of WTI is down 0.07% at 45.88 and a breakdown of $42.34 (20-day sma) would target $39.78 (200-day sma) en route to $39.02 (low post-Doha Apr.18). On the other hand, the next hurdle lines up at $46.78 (2016 high Apr.29) followed by $48.36 (high Nov.3 2015).