9 Mar 2015
WTI looks to regain $50.00
FXStreet (Edinburgh) - The barrel of WTI is paring recent losses on Monday, currently hovering over the critical mark at $50.00.
WTI firmer on lower USD
The WTI is trading on a firmer footing following the generalized softer tone in the US dollar. The barrel of WTI is recovering part of the sharp pullback after the stellar US Payrolls on Friday sent the greenback to fresh multi-year highs, hurting the commodities and relegating WTI below the $50.00 level.
Recent geopolitical concerns from Iraq and Libya did practically nothing to spark a more sustainable correction higher in oil prices, which remain subdued against a backdrop of record levels in crude oil inventories.
WTI key levels
The barrel of WTI is now advancing 0.96% at $50.09 with the next hurdle at $52.39 (high Mar.5) followed by $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the flip side, a breakdown of $50.64 (low Mar.5) would aim for $49.45 (low Mar.4) and finally $48.71 (low Mar.2).
WTI firmer on lower USD
The WTI is trading on a firmer footing following the generalized softer tone in the US dollar. The barrel of WTI is recovering part of the sharp pullback after the stellar US Payrolls on Friday sent the greenback to fresh multi-year highs, hurting the commodities and relegating WTI below the $50.00 level.
Recent geopolitical concerns from Iraq and Libya did practically nothing to spark a more sustainable correction higher in oil prices, which remain subdued against a backdrop of record levels in crude oil inventories.
WTI key levels
The barrel of WTI is now advancing 0.96% at $50.09 with the next hurdle at $52.39 (high Mar.5) followed by $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the flip side, a breakdown of $50.64 (low Mar.5) would aim for $49.45 (low Mar.4) and finally $48.71 (low Mar.2).