WTI Firmer, Approaches $41.00
The barrel of West Texas Intermediate is prolonging its weekly advance today, now flirting with daily highs in the vicinity of the $41.00 mark.
WTI attention to upcoming Doha meeting
Prices
for the barrel of WTI has been gathering further traction following
traders’ hopes of an agreement between OPEC and non-OPEC countries at
next Sunday’s meeting in Doha in order to freeze oil production around
current levels.
The recent softer tone around the dollar has been
also collaborating with the rebound in crude prices, all ahead of the
API’s report on crude stockpiles due later in the NA session.
WTI levels to consider
At
the moment the barrel of WTI is gaining 0.74% at $40.66 and a break
above $41.90 (2016 high Mar.22) would expose $43.46 (high Nov.24 2015).
On the other hand, the immediate support is located at $38.86 (20-day
sma) ahead of $35.83 (61.8% Fibo of $26.05-$41.90) and then $35.05
(55-day sma).
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