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17 Mar 2015
WTI regains $43.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is extending the weekly sell off, now attempting to regain the $43.0 handle.
WTI focus on FOMC
Crude oil prices remain on the defensive today, recovering some ground after dropping to the $42.60 area in early trade (6-year lows). Concerns over the US supply glut keep punishing prices ahead of the EIA weekly report and the FOMC meeting, both due tomorrow.
WTI key levels
The barrel of WTI is now retreating 1.66% at $43.15 and a drop below $42.63 (low Mar.17) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009). On the upside, the initial resistance lines up at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).
WTI focus on FOMC
Crude oil prices remain on the defensive today, recovering some ground after dropping to the $42.60 area in early trade (6-year lows). Concerns over the US supply glut keep punishing prices ahead of the EIA weekly report and the FOMC meeting, both due tomorrow.
WTI key levels
The barrel of WTI is now retreating 1.66% at $43.15 and a drop below $42.63 (low Mar.17) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009). On the upside, the initial resistance lines up at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).