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16 Mar 2015
WTI toying with $44.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is now extending the bounce of multi-year lows in sub-$43.00 levels on Monday, approaching the $44.0 area.
WTI in 6-year lows
The barrel of WTI managed to leave behind the area around $42.83 during the European morning - levels last seen in March 2009 – although concerns regarding the supply glut in the US continues to weigh on investor’s sentiment.
Crude oil prices remain on the defensive despite the strong pullback in the US dollar today, ahead of the key FOMC meeting on Wednesday and the usual EIA weekly report on inventories. In addition, WTI also ignored OPEC’s forecasts of a lower US output towards end 2015.
WTI key levels
The barrel of WTI is now retreating 2.70% at $43.62 and a drop below $42.79 (low Mar.16) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009). On the upside, the initial resistance lines up at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).
WTI in 6-year lows
The barrel of WTI managed to leave behind the area around $42.83 during the European morning - levels last seen in March 2009 – although concerns regarding the supply glut in the US continues to weigh on investor’s sentiment.
Crude oil prices remain on the defensive despite the strong pullback in the US dollar today, ahead of the key FOMC meeting on Wednesday and the usual EIA weekly report on inventories. In addition, WTI also ignored OPEC’s forecasts of a lower US output towards end 2015.
WTI key levels
The barrel of WTI is now retreating 2.70% at $43.62 and a drop below $42.79 (low Mar.16) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009). On the upside, the initial resistance lines up at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).