3 May 2016
WTI challenging lows near $44.00
Prices for the barrel of West Texas Intermediate are extending Monday’s decline, now putting the $44.00 mark to the test.
WTI lower on USD recovery, eyes on API
Crude oil prices are retreating further today in response to the current recovery of the US Dollar, which found buyers around the key support at 92.00 the figure when gauged by the US Dollar Index.
Prices for the black gold are also suffering recent news that the OPEC rose its production to almost record levels during last month, while fears of a potential slowdown in the Chinese economy have re-emerged following earlier data from the manufacturing sector.
WTI levels to consider
At the moment the barrel of WTI is down 1.43% at 44.14 and a breakdown of $42.60 (20-day sma) would target $41.91 (76.4% Fibo of $26.05-$46.78) en route to $39.75 (200-day sma). 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 USD recovery, eyes on API
Crude oil prices are retreating further today in response to the current recovery of the US Dollar, which found buyers around the key support at 92.00 the figure when gauged by the US Dollar Index.
Prices for the black gold are also suffering recent news that the OPEC rose its production to almost record levels during last month, while fears of a potential slowdown in the Chinese economy have re-emerged following earlier data from the manufacturing sector.
WTI levels to consider
At the moment the barrel of WTI is down 1.43% at 44.14 and a breakdown of $42.60 (20-day sma) would target $41.91 (76.4% Fibo of $26.05-$46.78) en route to $39.75 (200-day sma). On the other hand, the next hurdle lines up at $46.78 (2016 high Apr.29) followed by $48.36 (high Nov.3 2015).