As per FXSTREET, Crude oil prices are extending its negative downbeat at the beginning of the
week, currently hovering over the low-$44.00s per barrel.
WTI
challenging multi-week lows
Prices for the West
Texas Intermediate have renewed its downside pressure on Monday,
following increasing fears over storage capacity hitting their maximum levels
along with a persistent stagnant demand.
In addition, the crude oil
supply glut remains one of the main concerns still lingering over markets and
keeping the demand subdued and occasional gains capped.
WTI
levels to watch
At the moment the barrel of West Texas
Intermediate is losing 0.94% at $44.17 facing the next support at $43.37 (23.6%
Fibo of $62.58-$37.75) ahead of $43.21 (low Sep.2) and then $37.75 (2015 low
Aug.24). On the upside, a break above $45.04 (55-day sma) would pave the way to
$47.24 (38.2% Fibo of $62.58-$37.75) and finally $47.93 (100-day sma).
