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23 Feb 2015
WTI remains below $50.00/bbl
FXStreet (Edinburgh) - The price of the barrel of West Texas Intermediate remains depressed on Monday, extending its consolidation below the $50.00 key mark.
WTI lower on supply, USD
The stronger greenback at the beginning of the week plus a continuation of the concerns derived from the US excess supply continue to take a toll on the crude oil, dragging prices back below $50.00, or mutli-day lows.
Recent reports showed EIA’s crude oil inventories in fresh highs, and another decline in the US oil rigs in use tracked by driller Baker Hughes, all adding to the context of declining prices.
WTI key levels
The barrel of WTI is now losing 2.85% at $49.36 with the immediate support at $48.20 (low Feb.5) ahead of $47.46 (low Feb.2) and finally $45.07 (low Jan.30). On the upside, a break above $52.72 (high Feb.19) would target $54.32 (high Feb.17) and then $55.05 (high Feb.3).
WTI lower on supply, USD
The stronger greenback at the beginning of the week plus a continuation of the concerns derived from the US excess supply continue to take a toll on the crude oil, dragging prices back below $50.00, or mutli-day lows.
Recent reports showed EIA’s crude oil inventories in fresh highs, and another decline in the US oil rigs in use tracked by driller Baker Hughes, all adding to the context of declining prices.
WTI key levels
The barrel of WTI is now losing 2.85% at $49.36 with the immediate support at $48.20 (low Feb.5) ahead of $47.46 (low Feb.2) and finally $45.07 (low Jan.30). On the upside, a break above $52.72 (high Feb.19) would target $54.32 (high Feb.17) and then $55.05 (high Feb.3).