WTI Eases from Highs, Near $45.00
Crude oil prices keep the buoyant sentiment on Thursday, with the barrel of West Texas Intermediate climbing as high as $45.30 in early trade.
WTI still under pressure on strong USD
Prices
for the black gold area advancing for the second consecutive session
today, leaving behind recent build ups in inventories reported by the
API on Tuesday and the EIA on Wednesday, and focusing instead on the
wildfires hitting western Canada, which continue to threaten oil sands
output.
The barrel of the WTI keeps its bid tone
despite the ongoing rally in the dollar and ahead of US Initial Claims
and the speech by St. Louis Fed J.Bullard.
WTI levels to consider
At
the moment the barrel of WTI is up 3.08% at $45.13 with the initial
hurdle at $46.78 (2016 high Apr.29) followed by $48.36 (high Nov.3
2015). On the other hand, a breach of $42.91 (20-day sma) would target
$41.91 (76.4% Fibo of $26.05-$46.78) en route to $39.73 (200-day sma).
