WTI On a Firmer Footing, Near $42.00
Crude oil prices continue their recovery today, with the barrel of West Texas Intermediate up more than 1% near the key $42.00 mark.
WTI stronger ahead of EIA report
Crude
oil prices have managed to leave behind the weakness following the
fiasco at the meeting in Doha on Sunday, reverting the initial gap lower
and retaking the upper-$41.00 amidst a persistent risk-on sentiment.
Furthermore,
the renewed offered tone around the greenback keeps bolstering the
upbeat mood in the USD-denominated assets, collaborating with the upside
in WTI.
Ahead in the week, the EIA weekly
report on crude oil inventories is due tomorrow, expected to have
increased by more than 2 million barrels during last week.
WTI levels to consider
At
the moment the barrel of WTI is gaining 1.31% at 41.74 and a breakout
of $42.41 (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 next support
lines up at $39.02 (low post-Doha Apr.18) ahead of $38.56 (76.4% Fibo of
$26.05-$42.41) and then $35.24 (low Apr.5).
