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12 Mar 2015
WTI testing the $47.00 support
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is accelerating its decline on Thursday, testing session lows in the $47.00 neighbourhood.
WTI in 2-month lows
Crude oil prices are retreating for the third consecutive session today despite the correction lower in the US dollar. Increasing concerns regarding the excess supply of crude oil in the US keeps weighing on sentiment, dragging prices to levels last seen in late January.
In the data front, Wednesday’s EIA report showed crude oil inventories increased by 4.5 billion/barrels in the week ended on March 6th, posting the highest level for this time of year in the last eight decades (448.9 million barrels).
WTI key levels
The barrel of WTI is now retreating 2.31% at $47.06 and a drop below $45.07 (low Jan.30) would aim for $44.37 (low Jan.29) and finally 43.83 (monthly low April 2009). On the upside, the initial resistance lines up at $49.05 (high Mar.11) followed by $50.36 (high Mar.10) and then $50.79 (high Mar.9).
WTI in 2-month lows
Crude oil prices are retreating for the third consecutive session today despite the correction lower in the US dollar. Increasing concerns regarding the excess supply of crude oil in the US keeps weighing on sentiment, dragging prices to levels last seen in late January.
In the data front, Wednesday’s EIA report showed crude oil inventories increased by 4.5 billion/barrels in the week ended on March 6th, posting the highest level for this time of year in the last eight decades (448.9 million barrels).
WTI key levels
The barrel of WTI is now retreating 2.31% at $47.06 and a drop below $45.07 (low Jan.30) would aim for $44.37 (low Jan.29) and finally 43.83 (monthly low April 2009). On the upside, the initial resistance lines up at $49.05 (high Mar.11) followed by $50.36 (high Mar.10) and then $50.79 (high Mar.9).