18 Aug 2015
WTI climbs to highs near $42.50
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is recovering part of the ground lost in recent sessions, currently testing session tops near $42.50.
WTI bounced off multi-year lows
Despite today’s rebound, oil experts have emphasized not only the ongoing bullish attempt would be short-lived, but also that prices could test levels sub-$40.00 in the near term.
In the meantime, the potential slowdown in the Chinese economy coupled with persistent concerns on a global supply glut keeps limiting any bullish attempts and is the main factor weighing on investors’ sentiment.
Ahead in the week, the EIA’s weekly report on crude oil stockpiles is due tomorrow ahead of the weekly oil rig count tracked by driller Baker Hughes.
WTI levels to watch
At the moment WTI is up 1.34% at $42.43 with the next hurdle at $46.94 (high Aug.3) ahead of $48.62 (high Jul.31) and finally $49.52 (high Jul.29). On the other hand, a breakdown of $41.64 (low Aug.17) would aim for $40.07 (monthly low March 2009) ahead of $34.03 (monthly low February 2009).
WTI bounced off multi-year lows
Despite today’s rebound, oil experts have emphasized not only the ongoing bullish attempt would be short-lived, but also that prices could test levels sub-$40.00 in the near term.
In the meantime, the potential slowdown in the Chinese economy coupled with persistent concerns on a global supply glut keeps limiting any bullish attempts and is the main factor weighing on investors’ sentiment.
Ahead in the week, the EIA’s weekly report on crude oil stockpiles is due tomorrow ahead of the weekly oil rig count tracked by driller Baker Hughes.
WTI levels to watch
At the moment WTI is up 1.34% at $42.43 with the next hurdle at $46.94 (high Aug.3) ahead of $48.62 (high Jul.31) and finally $49.52 (high Jul.29). On the other hand, a breakdown of $41.64 (low Aug.17) would aim for $40.07 (monthly low March 2009) ahead of $34.03 (monthly low February 2009).