17 Aug 2015
WTI off highs, near $42.50
FXStreet (Edinburgh) - The barrel of West Texas Intermediate has now reverted the positive initial momentum and returned to the negative territory around $42.30.
WTI bearishness intact
Crude oil prices are extending the weakness seen in recent weeks, with the main concern amongst investors being the ongoing supply glut. Prospects of the OPEC increasing its production in the next months are also collaborating with the downbeat sentiment, already hurt by the likeliness of Iranian crude flooding into the markets in the medium term.
Ahead in the week, EIA’s weekly report on crude stockpiles plus the US oil rig count by driller Baker Hughes are both due.
WTI levels to watch
At the moment WTI is down 0.24% at $42.40 with the next support at $41.64 (low Aug.17) followed by $40.07 (monthly low March 2009) ahead of $34.03 (monthly low February 2009). 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 bearishness intact
Crude oil prices are extending the weakness seen in recent weeks, with the main concern amongst investors being the ongoing supply glut. Prospects of the OPEC increasing its production in the next months are also collaborating with the downbeat sentiment, already hurt by the likeliness of Iranian crude flooding into the markets in the medium term.
Ahead in the week, EIA’s weekly report on crude stockpiles plus the US oil rig count by driller Baker Hughes are both due.
WTI levels to watch
At the moment WTI is down 0.24% at $42.40 with the next support at $41.64 (low Aug.17) followed by $40.07 (monthly low March 2009) ahead of $34.03 (monthly low February 2009). 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).