22 Jul 2015
WTI testing lows around $49.80
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil has breached the critical $50.00 mark on Wednesday, testing lows in the $49.80/75 band.
WTI lower on dollar, inventories
Crude oil prices deflated further today following a better tone in the US dollar, keeping the demand for USD-denominated assets subdued.
In addition, EIA reported that crude oil inventories unexpectedly rose by 2.5 million/barrels in the week ended on July 17, collaborating with the generalized downside pressure.
WTI levels to watch
At the moment WTI is down 1.91% at $49.89 and a break below $49.47 (low Apr.6) would aim for $48.11 (low Apr.2) and finally $47.05 (low Apr.1). On the other hand, the immediate up barrier lies at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10).
WTI lower on dollar, inventories
Crude oil prices deflated further today following a better tone in the US dollar, keeping the demand for USD-denominated assets subdued.
In addition, EIA reported that crude oil inventories unexpectedly rose by 2.5 million/barrels in the week ended on July 17, collaborating with the generalized downside pressure.
WTI levels to watch
At the moment WTI is down 1.91% at $49.89 and a break below $49.47 (low Apr.6) would aim for $48.11 (low Apr.2) and finally $47.05 (low Apr.1). On the other hand, the immediate up barrier lies at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10).