20 Jul 2015
WTI testing lows near $50.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is prolonging its negative streak on Monday, putting the key support at $50.00 to the test.
WTI well supported at $50.00
Concerns over the global supply glut continues to hurt crude oil prices today, although sellers keep struggling to break below the critical $50.00 support.
The persistent bid tone around the greenback plus expectations of a Fed’s rate hike at some point in the next months continue to cap occasional gains. Furthermore, WTI remains entrenched in the negative ground despite last week’s drop in crude inventories according to the EIA and a decrease in US oil rigs in use, gauged by driller Baker Hughes.
WTI levels to watch
At the moment WTI is down 1.73 % at 50.01 with the next support at $49.47 (low Apr.6) followed by $48.11 (low Apr.2) and finally $47.05 (low Apr.1). On the other hand, a breakout of $52.54 (high Jul.16) would aim for $53.94 (high Jul.15) and then $54.35 (high Jul.10).
WTI well supported at $50.00
Concerns over the global supply glut continues to hurt crude oil prices today, although sellers keep struggling to break below the critical $50.00 support.
The persistent bid tone around the greenback plus expectations of a Fed’s rate hike at some point in the next months continue to cap occasional gains. Furthermore, WTI remains entrenched in the negative ground despite last week’s drop in crude inventories according to the EIA and a decrease in US oil rigs in use, gauged by driller Baker Hughes.
WTI levels to watch
At the moment WTI is down 1.73 % at 50.01 with the next support at $49.47 (low Apr.6) followed by $48.11 (low Apr.2) and finally $47.05 (low Apr.1). On the other hand, a breakout of $52.54 (high Jul.16) would aim for $53.94 (high Jul.15) and then $54.35 (high Jul.10).