4 Dec 2015
WTI off lows, around $40.00
FXStreet (Edinburgh) - Crude oil prices are retreating more than 2% at the end of the week, currently hovering over the $40.00 handle per barrel.
WTI lower on OPEC
Prices for the black gold have accelerated its downside today after the OPEC announced it will increase the output ceiling to 31.5 mbpd from 30.0 mbpd (without Indonesia) at today’s meeting in Vienna.
In addition, and collaborating with the downside, the greenback has been trading on a firmer footing after yesterday’s abrupt pullback in the wake of the ECB announcements.
WTI levels to watch
At the moment the barrel of WTI is losing 2.29% at $40.14 facing the next support at $38.99 (low Nov.20) ahead of $37.75 (2015 low Aug.24). On the other hand, a breakout of $43.55 (38.2% Fibo of $50.90-$38.99) would expose $44.45 (55-day sma) and finally $44.84 (downtrend from $50.92).
WTI lower on OPEC
Prices for the black gold have accelerated its downside today after the OPEC announced it will increase the output ceiling to 31.5 mbpd from 30.0 mbpd (without Indonesia) at today’s meeting in Vienna.
In addition, and collaborating with the downside, the greenback has been trading on a firmer footing after yesterday’s abrupt pullback in the wake of the ECB announcements.
WTI levels to watch
At the moment the barrel of WTI is losing 2.29% at $40.14 facing the next support at $38.99 (low Nov.20) ahead of $37.75 (2015 low Aug.24). On the other hand, a breakout of $43.55 (38.2% Fibo of $50.90-$38.99) would expose $44.45 (55-day sma) and finally $44.84 (downtrend from $50.92).