8 Apr 2015
WTI slumps to session lows near $50.70
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is nose-diving on Wednesday, losing more than 5% and testing session lows around $50.80/70.
WTI weaker after EIA report
Crude oil prices are now trading markedly lower after the weekly report by the EIA showed that inventories climbed by 10.949 million barrels in the week ended on April 3 to 482.4 million barrels, the highest level for this time of the year in more than eight decades.
Collaborating with the steep downside, the US dollar managed to recover the ground lost and is currently flirting with the positive territory.
WTI levels to watch
The barrel of WTI is now retreating 5.61% at $50.90 with the next support at $49.57 (low Apr.5) and then $48.09 (low Apr.2). On the upside, a break above $53.14 (high Apr.8) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26).
WTI weaker after EIA report
Crude oil prices are now trading markedly lower after the weekly report by the EIA showed that inventories climbed by 10.949 million barrels in the week ended on April 3 to 482.4 million barrels, the highest level for this time of the year in more than eight decades.
Collaborating with the steep downside, the US dollar managed to recover the ground lost and is currently flirting with the positive territory.
WTI levels to watch
The barrel of WTI is now retreating 5.61% at $50.90 with the next support at $49.57 (low Apr.5) and then $48.09 (low Apr.2). On the upside, a break above $53.14 (high Apr.8) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26).