4 Mar 2015
WTI clings to $50.00
FXStreet (Edinburgh) - The barrel of WTI managed to recover from session troughs around $49.60 on Wednesday and is now clinching the critical $50.00 mark.
WTI firmer despite dollar, EIA
Crude oil prices are edging higher despite the EIA has informed that inventories increased by 10.3 million/barrels in the week ended on February 27th, the highest level since 2001.
In the same direction, the greenback continues its march north bolstered by positive results from the US docket, where both the ISM Non-manufacturing and Markit’s Services PMI surprised markets to the upside.
WTI key levels
The barrel of WTI is now advancing 0.57% at $50.81 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).
WTI firmer despite dollar, EIA
Crude oil prices are edging higher despite the EIA has informed that inventories increased by 10.3 million/barrels in the week ended on February 27th, the highest level since 2001.
In the same direction, the greenback continues its march north bolstered by positive results from the US docket, where both the ISM Non-manufacturing and Markit’s Services PMI surprised markets to the upside.
WTI key levels
The barrel of WTI is now advancing 0.57% at $50.81 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).