13 Aug 2015
WTI drops to the $42.00 area
FXStreet (Edinburgh) - Crude oil prices have accelerated its decline on Thursday, dragging the barrel of West Texas Intermediate to the vicinity of the $42.00 mark.
WTI in fresh multi-year lows
The re-emergence of the bid tone around the US dollar has been weighing on crude oil prices since early trade today, sending the barrel of WTI to print fresh lows around the $42.00 handle, levels last seen in March 2009.
Collaborating with the downside, US retail sales surpassed expectations during July, pointing to a healthy increase in consumer spending and somehow leaving the door open for a rate hike by the Federal Reserve next month.
WTI levels to watch
At the moment WTI is losing 2.61% at $42.19 with the next support at $42.07 (low Aug.13) followed by $40.07 (monthly low March 2009) ahead of $34.03 (monthly low February 2009) and then $30.28 (monthly low December 2008). On the flip side, a break above $46.94 (high Aug.3) would aim for $48.62 (high Jul.31) and finally $49.52 (high Jul.29).
WTI in fresh multi-year lows
The re-emergence of the bid tone around the US dollar has been weighing on crude oil prices since early trade today, sending the barrel of WTI to print fresh lows around the $42.00 handle, levels last seen in March 2009.
Collaborating with the downside, US retail sales surpassed expectations during July, pointing to a healthy increase in consumer spending and somehow leaving the door open for a rate hike by the Federal Reserve next month.
WTI levels to watch
At the moment WTI is losing 2.61% at $42.19 with the next support at $42.07 (low Aug.13) followed by $40.07 (monthly low March 2009) ahead of $34.03 (monthly low February 2009) and then $30.28 (monthly low December 2008). On the flip side, a break above $46.94 (high Aug.3) would aim for $48.62 (high Jul.31) and finally $49.52 (high Jul.29).