WTI Off Highs, Returns to $40.00
The barrel of the West Texas Intermediate (WTI) keeps its daily gains today, albeit it has retraced the earlier spike to levels above the $40.00 mark.
WTI looks to regain the $40.00 handle
Crude
oil prices have bounced off last week’s lows in the $35.00
neighbourhood, although the upside seems to have run out of steam in the
area of the psychological $40.00 limestone for the time being.
Prices
for the black gold remains capped by the key 200-day sma around $40.30
today, against the backdrop of a persistent selling pressure around the
dollar and ahead of the outcome of the Fed’s closed meeting, expected at
some point in the European evening.
Ahead in the week, both API
and EIA reports on inventories are due, along with Chinese GDP figures,
Baker Hughes’ oil rig count and the Doha meeting on April 17.
WTI levels to consider
At
the moment the barrel of WTI is gaining 0.63% at $39.93 and a break
above $40.31 (200-day sma) would aim for $41.90 (2016 high Mar.22). On
the other hand, the immediate support is located at $38.63 (20-day sma)
ahead of $35.24 (low Apr.5) and then $34.72 (55-day sma).
(Market News Provided by FXstreet)
