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3 Sep 2015
WTI flat around $46.00
FXStreet (Edinburgh) - Prices for the black gold are alternating gains with lossed on Thursday, currently hovering over the $46.00 mark per barrel.
WTI bid despite stronger dollar
Prices for the barrel of West Texas Intermediate have quickly shrugged off the recent weekly increase in crude stockpiles, keeping the upbeat tone seen as of late despite the broader sentiment towards the dollar.
A slowdown in the US oil production has been sustaining today’s momentum, helped at the same time by the possibility that the ECB could dig deeper into QE in the medium term, which is perceived as positive by traders, as it could lift the demand for energy.
WTI levels to watch
At the moment WTI is down 0.06% at $46.22 facing the immediate support at $43.21 (low Sep.2) ahead of $41.78 (low Aug.28) and finally $38.95 (low Aug.27). On the flip side, a break above $48.85 (high Sep.1) would aim for $49.03 (high Jul.31) and then $49.91 (high Jul.29).
WTI bid despite stronger dollar
Prices for the barrel of West Texas Intermediate have quickly shrugged off the recent weekly increase in crude stockpiles, keeping the upbeat tone seen as of late despite the broader sentiment towards the dollar.
A slowdown in the US oil production has been sustaining today’s momentum, helped at the same time by the possibility that the ECB could dig deeper into QE in the medium term, which is perceived as positive by traders, as it could lift the demand for energy.
WTI levels to watch
At the moment WTI is down 0.06% at $46.22 facing the immediate support at $43.21 (low Sep.2) ahead of $41.78 (low Aug.28) and finally $38.95 (low Aug.27). On the flip side, a break above $48.85 (high Sep.1) would aim for $49.03 (high Jul.31) and then $49.91 (high Jul.29).