WTI weaker, drops below $41.00

FXStreet (Edinburgh) - Crude oil prices are extending their weekly downside, now breaking below the $41.00 handle per barrel.

WTI lower on USD

The barrel of West Texas Intermediate is losing nearly 2% after reaching session highs around the $42.00 mark in early trade. However, the upside bias was short-lived, as the buying interest around the dollar and persistent concerns over the supply glut continue to weigh on the demand for the black gold.

Ahead in the session, API’s weekly report on crude oil stock is next, preceding tomorrow’s EIA report on inventories and Friday’s oil rig count tracked by driller Baker Hughes.

WTI levels to watch

At the moment the barrel of WTI is losing 1.84% at $40.96 with the next support at $40.00 (psychological level) and then $37.75 (2015 low Aug.24). On the other hand, a surpass of $42.77 (38.2% Fibo of $37.75-%50.90) would expose $45.31 (55-day sma) and finally $46.79 (downtrend from $50.92).

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