WTI Off Highs, Back Below $42.00
The barrel of West Texas Intermediate has now resumed its daily decline after failing to sustain another break above the $42.00 mark.
WTI down from $42.40
Crude oil prices have managed to clinch fresh 2016 highs in the $42.40 area on Wednesday in spite of the broad-based bid tone surrounding the greenback, although another build up of crude inventories reported by the EIA was enough to convince sellers to step in.
Market sentiment keeps its buoyancy this week after bottoming out near the $35.00 mark in past sessions, all ahead of the key meeting between OPEC and non-OPEC producers due on Sunday in Doha.
Earlier news noted that Iranian oil exports rose by 600K barrels per day so far this month, somewhat capping occasional gains.
WTI levels to consider
At the moment the barrel of WTI is gaining 0.29% at $41.88 and a surpass of $42.45 (2016 high Apr.13) would expose $43.46 (high Nov.24 2015) and finally $48.36 (high Nov.3 2015). On the other hand, the immediate support aligns at $40.22 (200-day sma) ahead of $39.16 (20-day sma) and then $38.57 (76.4% Fibo of $26.05-$42.41).