24 Mar 2015
WTI consolidates above $47.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is extending its upside momentum above the $47.00 mark on Tuesday.
WTI back from peaks near $48.60
After hitting session highs in the mid-$48.00s, the barrel of WTI faded the spike albeit it manages to keep the trade above the $47.00 mark so far.
Positive PMI readings in Europe and the US, and a generalized softer tone in the greenback allowed WTI to prolong its positive streak today, although upcoming reports on inventories from the API today and EIA tomorrow could put the recent performance to the test.
WTI key levels
The barrel of WTI is now advancing 0.11% at $47.50 with the next hurdle at $48.56 (high Mar.24) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11). On the other hand, a breach of $42.03 (low Mar.18) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009).
WTI back from peaks near $48.60
After hitting session highs in the mid-$48.00s, the barrel of WTI faded the spike albeit it manages to keep the trade above the $47.00 mark so far.
Positive PMI readings in Europe and the US, and a generalized softer tone in the greenback allowed WTI to prolong its positive streak today, although upcoming reports on inventories from the API today and EIA tomorrow could put the recent performance to the test.
WTI key levels
The barrel of WTI is now advancing 0.11% at $47.50 with the next hurdle at $48.56 (high Mar.24) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11). On the other hand, a breach of $42.03 (low Mar.18) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009).